After rising slightly over the past three weeks, mortgage rates took a slight dip in the latest Primary Mortgage Market Survey published by Freddie Mac (OTCQB: FMCC).
The 30-year fixed-rate mortgage averaged 6.09% as of Feb. 12, down from last week when it averaged 6.11%. A year ago at this time, it averaged 6.87%.
The 15-year fixed-rate mortgage averaged 5.44%, down from last week when it averaged 5.50%. A year ago at this time, it averaged 6.09%.
“Bolstered by strong economic growth, a solid labor market and mortgage rates at three-year lows, housing affordability continues to measurably improve,” said Sam Khater, Freddie Mac’s chief economist. “These factors have caught the attention of many prospective homebuyers, driving purchase application activity higher than a year ago.”
