Fixed Mortgage Rates Retreat After 5 Consecutive Weeks of Gains

Freddie Mac has released its Primary Mortgage Market Survey® for the week ending March 16th. The PMMS reports that the 30-year fixed-rate mortgage averaged 6.60%, down from last week when it averaged 6.73%. A year ago at this time, the 30-year rate averaged 4.16%.

The 15-year fixed-rate mortgage averaged 5.90%, down from last week when it averaged 5.95%. A year ago at this time, the 15-year rate averaged 3.39%.

Adding additional background and his analysis to this week’s report, Sam Khater, Freddie Mac’s Chief Economist, said:

“Mortgage rates are down following an increase of more than half a percent over five consecutive weeks. Turbulence in the financial markets is putting significant downward pressure on rates, which should benefit borrowers in the short-term. During times of high mortgage rate volatility, homebuyers would greatly benefit from shopping for additional rate quotes. Our research concludes that homebuyers can potentially save $600 to $1,200 annually by taking the time to shop among multiple lenders.”