Mortgage Rates Continue to Drop
WRE NEWS March 8, 2025
Seller
WRE NEWS March 8, 2025
Seller
Mortgage rates continued their decline in the latest Primary Mortgage Market Survey published by Freddie Mac (OTCQB: FMCC).
The 30-year fixed-rate mortgage averaged 6.63% as of March 6, down from last week when it averaged 6.76%. A year ago at this time, it averaged 6.88%.
The 15-year fixed-rate mortgage averaged 5.79%, down from last week when it averaged 5.94%. A year ago at this time, it averaged 6.22%.
“As the spring homebuying season gets underway, the 30-year fixed-rate mortgage saw the largest weekly decline since mid-September,” said Sam Khater, Freddie Mac’s chief economist. “The decline in rates increases prospective homebuyers’ purchasing power and should provide a strong incentive to make a move. Additionally, this decline in rates is already providing some existing homeowners the opportunity to refinance. In fact, the refinance share of market mortgage applications released this week reached nearly 44%, the highest since mid-December.”
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