Last updated: March 16, 2023 at 1:15 PM ET
First published: March 16, 2023 at 12:04 PM ET
The numbers: Mortgage rates fell for the first time in six weeks as the US economy grappled with bank failures and an uncertain trajectory.
30-year fixed-rate mortgages averaged 6.60% as of March 16, according to data released by Freddie Mac FMCC on Thursday.
This is down 13 basis points from the previous week. 1 basis point is…
Number: Mortgage rates fell for the first time in six weeks as the US economy grapples with bank failures and an uncertain road ahead.
30-year fixed-rate mortgages were averaging 6.60% as of March 16, according to . data Released by Freddie Mac
FMCC
on thursday.
This is down 13 basis points from the previous week. One basis point equals one hundredth of a percentage point.
Last week, 30 years was 6.73%.Last year, 30 years averaged 4.16%
The average 15-year mortgage rate fell to 5.9% from 5.95% last week. The 15 year old was 3.39% for him a year ago.
Freddie Mac’s weekly report on mortgage rates is based on thousands of applications received from lenders nationwide that were submitted to Freddie Mac when borrowers applied for mortgages.
Separate the data as mortgage news daily As of Thursday morning, the average 30-year fixed-rate mortgage rate was 6.55%.
What Freddie Mac said: “The turmoil in financial markets is putting significant downward pressure on interest rates, which should benefit borrowers in the short term,” Freddie Mac chief economist Sam Cater said in a statement.
Khater urged buyers to hunt for additional rate quotes rather than sticking to one lender given the current volatility of mortgage rates.
“Our research concluded that homebuyers could save between $600 and $1,200. [per year] By spending time and shopping among multiple lenders, we’re making more money each year,” Khater said.
What they say: Lower interest rates are boosting demand for mortgages, said Bob Broeksmit, chairman and CEO of the Mortgage Bankers Association, in a statement.
“Once the spring homebuying season begins, the expected further interest rate declines could spur an increase in additional applications,” he added.
Market reaction: 10 year government bond yield
TMUBMUSD10Y
It was trading below 3.5% in Thursday afternoon’s trading session.
