The 30-year fixed-rate mortgage averaged 6.39% of today, according to new data from Freddie Mac (OTCQB:FMCC). This rate is down from last week when it averaged 6.43%. A year ago at this time, the rate 5.27%.
The 15-year fixed-rate mortgage averaged 5.76%, up from last week when it averaged 5.71%. A year ago at this time, the rate was 4.52%.
“This week, mortgage rates inched down slightly amid recent volatility in the banking sector and commentary from the Federal Reserve on its policy outlook,” said Sam Khater, Freddie Mac’s chief economist. “Spring is typically the busiest season for the residential housing market and, despite rates hovering in the mid-six percent range, this year is no different. Interested homebuyers are acclimating to the current rate environment, but the lack of inventory remains a primary obstacle to affordability.”
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