Mortgage Rates Decline Again

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Mortgage rates continued to decline, according to the latest Primary Mortgage Market Survey published by Freddie Mac (OTCQB: FMCC).

The 30-year fixed-rate mortgage averaged 6.76% as of Feb. 27, down from last week when it averaged 6.85%. A year ago at this time, it averaged 6.94%.

The 15-year FRM averaged 5.94%, down from last week when it averaged 6.04%. A year ago at this time, it averaged 6.26%.

“This week, mortgage rates decreased to their lowest level in over two months,” said Sam Khater, Freddie Mac’s chief economist. “The drop in mortgage rates, combined with modestly improving inventory, is an encouraging sign for consumers in the market to buy a home.”