Mortgage rates for the long term decreased slightly, providing an advantage to prospective homebuyers. said The most recent Freddie Mac Primary Mortgage Survey.
As of March 27, the average for 30-year fixed-rate mortgages was 6.65%, which is a decrease from 6.67% recorded the previous week and down from 6.79% compared to the same period last year.
Fifteen-year fixed-rate mortgages had an average of 5.89%, which is marginally higher than last week’s rate of 5.83% but lower compared to 6.11% recorded this time last year.
"As seen in the increase of purchase applications this spring, recent stability in mortgage rates continues to be advantageous for prospective homebuyers," noted Sam Khater, Freddie Mac’s chief economist.
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