Mortgage rates ticked lower this week, mortgage buyer Freddie Mac said Thursday.
The most recent Primary Mortgage Market Survey from Freddie Mac came out on Thursday. It showed that the average rate on a 30-year fixed mortgage went down from 6.64% last week to 6.62%. A year ago, the average rate for a 30-year loan was 6.88%.
“For the twelfth week in a row, the average 30-year fixed-rate mortgage rate has stayed below 7%,” said Sam Khater, chief economist at Freddie Mac. “As purchase applications continue to climb, the spring homebuying season is shaping up to look more favourable than last year.”
The average rate for a 15-year fixed mortgage went down to 5.82%, which is the same as last week. The rate on a 15-year fixed note was 6.16 percent on average a year ago.