Mortgage Rates Continue To Drop

Mortgage rates declined again in the latest Primary Mortgage Market Survey published by Freddie Mac (OTCQB: FMCC).

The 30-year fixed-rate mortgage is now averaging 7.29%, down from last week when it averaged 7.44%. A year ago at this time, it averaged 6.58%.

The 15-year fixed-rate mortgage averaged 6.67%, down from last week when it averaged 6.76%. A year ago at this time, it averaged 5.9%.

“In recent weeks, rates have dropped by half a percent, but potential homebuyers continue to hold out for lower rates and more inventory,” said Sam Khater, Freddie Mac’s chief economist. “This dynamic is reflected in the latest data showing that existing home sales have fallen to a 13-year low.”