The 30-year fixed-rate mortgage inched up to 6.00% as of March 5, according to the Primary Mortgage Market Survey published by Freddie Mac (OTCQB: FMCC). Last week, it fell below the 6.00% mark for the first time since 2022, averaging 5.98%. A year ago at this time, it averaged 6.63%.
Sam Khater, Freddie Mac’s chief economist, noted. “In fact, rates are down nearly a full percentage point from this time in 2024, spurring activity from buyers, sellers and owners. As a result, refinance activity is up, and purchase applications are ahead of last year’s pace.”
The 15-year fixed-rate mortgage averaged 5.43%, slightly down from last week when it averaged 5.44%. A year ago at this time, it averaged 5.79%.
