The latest Primary Mortgage Market Survey published by Freddie Mac (OTCQB: FMCC) showed rates in a slight decline from one week earlier.
The 30-year fixed-rate mortgage averaged 6.79% as of March 28, down from last week when it averaged 6.87%. A year ago at this time, it averaged 6.32%.
The 15-year fixed-rate mortgage averaged 6.11%, down from last week when it averaged 6.21%. A year ago at this time, it averaged 5.56%.
“Mortgage rates moved slightly lower this week, providing a bit more room in the budgets of some prospective homebuyers,” said Sam Khater, Freddie Mac’s chief economist. “We also are seeing encouraging data on existing home sales, which reflects improving inventory. Regardless, rates remain elevated near seven percent as markets watch for signs of cooling inflation, hoping that rates will come down further.”
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