Fixed-Rate Mortgages Edge Lower in the Week Ending March 7th
Mortgage Rates Dip Down
Freddie Mac has released its Primary Mortgage Market Survey® for the week ending March 7th.
The 30-year fixed-rate mortgage averaged 6.88%, down from last week when it averaged 6.94%. A year ago at this time, the 30-year rate averaged 6.73%.
The 15-year fixed-rate mortgage averaged 6.22%, down from last week when it averaged 6.26%. A year ago at this time, the 15-year rate averaged 5.95%.
Commenting on the results of this week’s survey, Freddie Mac Chief Economist Sam Khater said:
“Evidence that purchase demand remains sensitive to interest rate changes was on display this week, as applications rose for the first time in six weeks in response to lower rates. Mortgage rates continue to be one of the biggest hurdles for potential homebuyers looking to enter the market. It’s important to remember that rates can vary widely between mortgage lenders so shopping around is essential.”
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