US Mortgage Rates Decline for Fifth Consecutive Week
Mortgage Rates Trend Down
Freddie Mac has released its Primary Mortgage Market Survey for the week ending Thursday, February 20.
The 30-year fixed-rate mortgage averaged 6.85%, down from last week when it averaged 6.87%. This marks the fifth consecutive decline. A year ago at this time, the 30-year rate averaged 6.90%.
The 15-year fixed-rate mortgage averaged 6.04%, down from last week when it averaged 6.09%. A year ago at this time, the 15-year rate averaged 6.29%.
Commenting on the results of this week’s survey, Freddie Mac Chief Economist Sam Khater said:
“Mortgage rates decreased slightly this week. The 30-year fixed-rate mortgage has stayed just under 7% for five consecutive weeks and in that time has fluctuated less than 20 basis points. This stability continues to bode well for potential buyers and sellers as we approach the spring homebuying season.
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