Mortgage Rates Decline for Third Consecutive Week

Freddie Mac has released its Primary Mortgage Market Survey® for the week ending March 30th. The 30-year fixed-rate mortgage averaged 6.32%, down from last week when it averaged 6.42%. A year ago at this time, the 30-year rate averaged 4.67%.

The 15-year fixed-rate mortgage averaged 5.56%, down from last week when it averaged 5.68%. A year ago at this time, the 15-year rate averaged 3.83%.

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

“Economic uncertainty continues to bring mortgage rates down. Over the last several weeks, declining rates have brought borrowers back to the market but, as the spring homebuying season gets underway, low inventory remains a challenge for prospective buyers.”