Mortgage rates dipped slightly for a fifth straight week with the average rate for a 30-year fixed-rate mortgage dropping to 6.85%, 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 6.90%.
“Mortgage rates decreased slightly this week,” says Sam Khater, chief economist for Freddie Mac, in a statement. “The 30-year fixed-rate mortgage has stayed just under 7 percent 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.”
The average rate for a 15-year fixed-rate mortgage was 6.04%, down from 6.09% last week and down from 6.29% a year ago.
Yesterday the Mortgage Bankers Association reported that mortgage application volume dropped 6.6% on an adjusted basis during the week ended February 14, despite a slight decrease in mortgage rates.
Many potential home buyers continue to wait on the sidelines as inventory slowly rises.