US Fixed-Rate Mortgages Inch Lower in the Week Ending March 28th
Mortgage Rates Drop Slightly
Freddie Mac has released its Primary Mortgage Market Survey® for the week ending March 28th.
The 30-year fixed-rate mortgage averaged 6.79%, down from last week when it averaged 6.87%. A year ago at this time, the 30-year rate averaged 6.32%.
The 15-year fixed-rate mortgage averaged 6.11%, down from last week when it averaged 6.21%. A year ago at this time, the 15-year rate averaged 5.56%.
Commenting on the results of this week’s survey, Freddie Mac Chief Economist Sam Khater said:
“Mortgage rates moved slightly lower this week, providing a bit more room in the budgets of some prospective homebuyers. We also are seeing encouraging data on existing home sales, which reflects improving inventory. Regardless, rates remain elevated near 7% as markets watch for signs of cooling inflation, hoping that rates will come down further.”
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