Economic Report: Mortgage rates fall to lowest level in six weeks
The numbers: Mortgage rates slide down to the lowest level in six weeks as consumers feel uncertain about the state of the U.S. economy.
The 30-year fixed-rate mortgage averaged 6.32% as of March 30, according to data released by Freddie Mac on Thursday.
That’s down 10 basis points from the previous week — one basis point is equal to one hundredth of a percentage point.
The 30-year was last at this level in mid-February.
Last week, the 30-year was at 6.42%. Last year, the 30-year was averaging at 4.67%.
The average rate on the 15-year mortgage fell to 5.56%, from 5.68% the previous week. The 15-year was at 3.83% a year ago.
Freddie Mac’s weekly report on mortgage rates is based on thousands of applications received from lenders across the country that are submitted to Freddie Mac when a borrower applies for a mortgage.
Separate data by Mortgage News Daily said that the 30-year fixed-rate mortgage was averaging at 6.61% as of Thursday morning.
What Freddie Mac said: “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,” Sam Khater, chief economist at Freddie Mac, said in a statement.
Market reaction: The yield on the 10-year Treasury note
was trading below 3.6% during the afternoon trading session on Thursday.