Mortgage rates fell for a sixth straight week, with the average rate for a 30-year, fixed-rate mortgage dropping to 7.03%, down from 7.22% last week, according to Freddie Mac’s Primary Mortgage Market Survey.
A year ago at this time, the average rate for a 30-year was 6.33%.
“The 30-year fixed-rate mortgage averaged near 7 percent this week, down from nearly 7.80 percent just six weeks ago,” says Sam Khater, chief economist for Freddie Mac, in a statement. “When rates began to rapidly drop, purchase applications rebounded initially, but this improvement in demand diminished in the last week. Although these lower rates remain a welcome relief, it is clear they will have to further drop to more consistently reinvigorate demand.”
The average rate for a 15-year fixed-rate mortgage was 6.29%, down from last week when it averaged 6.56%.
A year ago at this time, the average rate for a 15-year was 5.67%.
Photo: Kaleb Tapp