Mortgage rates declined for the first time in six weeks, according to the Primary Mortgage Market Survey published by Freddie Mac (OTCQB: FMCC).
The 30-year fixed-rate mortgage averaged 6.37% as of April 9, down from last week when it averaged 6.46%. A year ago at this time, it averaged 6.62%.
The 15-year fixed-rate mortgage averaged 5.74%, down from last week when it averaged 5.77%. A year ago at this time, it averaged 5.82%.
Sam Khater, Freddie Mac’s chief economist, observed, “The decrease in rates represents a positive development for prospective homebuyers and could spark a more favorable spring homebuying season than last year.”
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