Mortgage rates decreased slightly this week, with the average rate for a 30-year fixed-rate mortgage falling to 6.79%, down from 6.87% 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 6.32%.
“Mortgage rates moved slightly lower this week, providing a bit more room in the budgets of some prospective homebuyers,” says Sam Khater, chief economist for Freddie Mac, in a statement. “We also are seeing encouraging data on existing home sales, which reflects improving inventory. Regardless, rates remain elevated near seven percent as markets watch for signs of cooling inflation, hoping that rates will come down further.”
For the week ended March 28, the average rate for a 15-year, fixed-rate mortgage was 6.11%, down from 6.21% last week but up from 5.56% a year ago.
Photo: David Kristianto