Mortgage rates edged down this week, with the average rate for a 30-year fixed-rate mortgage falling to 6.65%, down from 6.67% 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 6.79%.
“The 30-year fixed-rate mortgage ticked down by two basis points this week,” says Sam Khater, chief economist for Freddie Mac, in a statement. “Recent mortgage rate stability continues to benefit potential buyers this spring, as reflected in the uptick in purchase applications.”
The average rate for a 15-year fixed-rate mortgage was 5.89%, as of March 27, up from 5.83% last week but down from 6.11% a year ago.
Samir Dedhia, CEO of One Real Mortgage, says “the modest downtick follows several weeks of limited volatility—a positive sign that the market is finding its footing.”
“For consumers, this type of rate stability offers a welcomed sense of predictability, especially as we head into the busy spring homebuying season,” Dedhia says in a statement. “Several factors have contributed to the slight rise. Persistent inflationary signals in recent economic data have led investors to expect a more cautious approach from the Federal Reserve. At the same time, uncertainty around proposed tariffs and their impact on global supply chains has added some pressure to markets. Despite these influences, the overall environment has remained relatively steady.”
“For homebuyers, particularly first-time buyers, a more stable rate environment allows for better planning and budgeting,” he adds. “Even with this week’s small increase, rates remain well below the highs seen in 2023. This predictability creates a more confident atmosphere for consumers to enter the market, compare financing options, and make decisions aligned with their long-term goals.”
Photo: Susan Q Yin