Mortgage Rates Drop For Second Consecutive Week

Mortgage rates, or interest rates on home loans, dropped for second consecutive week after climbing for few weeks due to concerns in the banking industry, 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 6.42 percent as of March 23, 2023, down from last week when it averaged 6.60 percent. A year ago at this time, the 30-year FRM averaged 4.42 percent.

The 15-year fixed-rate mortgage averaged 5.68 percent, down from last week when it averaged 5.90 percent. A year ago at this time, the 15-year FRM averaged 3.63 percent.

"Mortgage rates continued to slide down as financial market concerns came to the fore over the last two weeks," said Sam Khater, Freddie Mac's Chief Economist. "However, on the homebuyer front, the news is more positive with improved purchase demand and stabilizing home prices. If mortgage rates continue to slide over the next few weeks, look for a continued rebound during the first weeks of the spring homebuying season."

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