The average rate on a 30-year fixed-rate mortgage decreased slightly to 6.62% this week, according to Freddie Mac. This marks the third consecutive week of declines, down from 6.64% last week. The average 30-year fixed-rate mortgage has remained under 7% for the twelfth consecutive week.
Freddie Mac’s Chief Economist noted that as purchase applications continue to rise, this trend is a positive sign for the spring homebuying season. This sustained decline in rates can boost homebuyers’ purchasing power and support market activity.
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