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Mortgage Rates Drop Again

WRE News March 18, 2024

Buyer

The latest Primary Mortgage Market Survey from Freddie Mac (OTCQB: FMCC) found rates in decline.

The 30-year fixed-rate mortgage averaged 6.74% as of March 14, down from last week when it averaged 6.88%. A year ago at this time, it averaged 6.60%.

The 15-year fixed-rated mortgage averaged 6.16%, down from last week when it averaged 6.22%. A year ago at this time, it FRM averaged 5.90%.

“The 30-year fixed-rate mortgage decreased again this week, with declines totaling almost a quarter of a percent in two weeks’ time,” said Sam Khater, Freddie Mac’s chief economist. “Despite the recent dip, mortgage rates remain high as the market contends with the pressure of sticky inflation. In this environment, there is a good possibility that rates will stay higher for a longer period of time.”

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