Mortgage Rates Decline for Second Straight Week

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The 30-year fixed-rate mortgage averaged 6.30% as of April 16, according to the latest Primary Mortgage Market Survey published by Freddie Mac (OTGCQB: FMCC). This is down from last week when it averaged 6.37% and is the second consecutive week of a declining rate.

A year ago at this time, the 30-year fixed-rate mortgage averaged 6.83%.

“Mortgage rates declined this week to a four-week low of 6.30%,” said Sam Khater, Freddie Mac’s chief economist. “Compared to one year ago when rates were at 6.83%, this is a meaningful improvement for homebuyers during what is typically the busy spring homebuying season.”

The 15-year fixed-rate mortgage averaged 5.65%, down from last week when it averaged 5.74%. A year ago at this time, it averaged 6.03%.