Mortgage rates were slightly down in the latest Primary Mortgage Market Survey published by Freddie Mac (OTCQB: FMCC).
The 30-year fixed-rate mortgage averaged 6.88% as of March 7, down from last week when it averaged 6.94%. A year ago at this time, it averaged 6.73%.
The 15-year FRM averaged 6.22%, down from last week when it averaged 6.26%. A year ago at this time, it averaged 5.95%.
“Evidence that purchase demand remains sensitive to interest rate changes was on display this week, as applications rose for the first time in six weeks in response to lower rates,” said Sam Khater, Freddie Mac’s chief economist. “Mortgage rates continue to be one of the biggest hurdles for potential homebuyers looking to enter the market. It’s important to remember that rates can vary widely between mortgage lenders so shopping around is essential.”
