Mortgage Rates Drop For The Third Consecutive Week

(RTTNews) - Mortgage rates, or interest rates on home loans, dropped for a third consecutive week due to economic uncertainties, according to mortgage provider Freddie Mac (FMCC.OB).

Releasing the results of its primary mortgage market survey, Freddie Mac said that the 30-year fixed-rate mortgage averaged 6.32 percent as of March 30, 2023, down from last week when it averaged 6.42 percent. A year ago at this time, the 30-year FRM averaged 4.67 percent.

The 15-year fixed-rate mortgage averaged 5.56 percent, down from last week when it averaged 5.68 percent. A year ago at this time, the 15-year FRM averaged 3.83 percent.

"Economic uncertainty continues to bring mortgage rates down," said Sam Khater, Freddie Mac's Chief Economist. "Over the last several weeks, declining rates have brought borrowers back to the market but, as the spring homebuying season gets underway, low inventory remains a key challenge for prospective buyers."