Mortgage Rates Continue to Drop

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.”