US Mortgage Rates Continue to Decline in the Week Ending March 6
Mortgage Rates Continue to Fall
Freddie Mac has released its Primary Mortgage Market Survey for the week ending Thursday, March 6.
The 30-year fixed-rate mortgage averaged 6.63%, down from last week when it averaged 6.76%. A year ago at this time, the 30-year rate averaged 6.88%.
The 15-year fixed-rate mortgage averaged 5.79%, down from last week when it averaged 5.94%. A year ago at this time, the 15-year rate averaged 6.22%.
Commenting on the results of this week’s survey, Freddie Mac Chief Economist Sam Khater said:
“As the spring homebuying season gets underway, the 30-year fixed-rate mortgage saw the largest weekly decline since mid-September. The decline in rates increases prospective homebuyers’ purchasing power and should provide a strong incentive to make a move. Additionally, this decline in rates is already providing some existing homeowners the opportunity to refinance. In fact, the refinance share of market mortgage applications released this week reached nearly 44%, the highest since mid-December.”
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