This week Freddie Mac released the results of its Primary Mortgage Market Survey (PMMS), showing that the 30-year fixed-rate mortgage (FRM) averaged 6.32%, reflecting a slight decline from the previous report.
“Economic uncertainty continues to drive down mortgage rates,” said Sam Khater, chief economist at Freddie Mac.
“Over the past several weeks, declining rates have brought borrowers back to the market, but as the spring homebuying season begins, low inventory remains a key challenge for prospective buyers,” he added. Khater.
So were the rates
30 year mortgage
The 30-year fixed-rate mortgage averaged 6.32% as of March 30, 2023, down from last week when it averaged 6.42%. A year ago at this time, the 30-year FRM averaged 4.67%.
15 year mortgage
The 15-year fixed-rate mortgage averaged 5.56%, down from last week when it averaged 5.68%. A year ago at this time, the 15-year FRM averaged 3.83%.
PMMS focuses on fully amortizing, conforming, conventional home purchase loans for borrowers with a 20 percent down payment and excellent credit.
Keep reading:
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