Mortgage rates edged down slightly this week, with the average rate for a 30-year fixed-rate mortgage at 6.32%, down from 6.42% the previous week but up significantly from 4.67% a year ago, according to Freddie Mac’s Primary Mortgage Market Survey.
It was the third consecutive week that mortgage rates decreased.
“Economic uncertainty continues to bring mortgage rates down,” says Sam Khater, chief economist for Freddie Mac, in a statement. “Over the last several weeks, declining rates have brought borrowers back to the market but, as the spring homebuying season gets underway, low inventory remains a key challenge for prospective buyers.
For the week ended March 30, the average rate for a 15-year fixed-rate mortgage averaged 5.56%, down from 5.68% the previous week but up from 3.83% a year ago.
Yesterday, the Mortgage Bankers Association reported that applications for mortgages increased 2.9% during the week ended March 24, with applications for refinances rising 5% and applications for purchases increasing 2%.