Mortgage rates fall to lowest level in six weeks
Mar 31, 2023
Mortgage rates fall to lowest level in six weeks Miami
By   Aarthi Swaminathan
  • City News
  • Mortgages
  • Interest Rates
  • Home Buying Season
Abstract: By the numbers: Mortgage rates slipped to their lowest level in six weeks as consumers felt uncertain about the state of the US economy.

According to data released by Freddie Mac on Thursday, 30-year fixed-rate mortgages averaged 6.32 per cent as of March 30.


That's down 10 basis points from the previous week - one basis point equals one percent.


The 30-year loan was last at this level in mid-February.


Last week, the 30-year rate was 6.42 per cent. Last year, the average 30-year rate was 4.67 per cent.


The average rate for a 15-year mortgage fell to 5.56 per cent from 5.68 per cent the previous week. A year ago, the 15-year rate was 3.83 per cent.


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 borrowers apply for mortgages.


Separate data from Mortgage News Daily said the average rate for a 30-year fixed-rate mortgage was 6.61 per cent as of Thursday morning.


Freddie Mac said: "The decline in rates over the past few weeks has brought borrowers back into the market, but low inventory remains a key challenge for potential buyers as the spring home-buying season approaches," Freddie Mac Chief Economist Sam Khater said in a statement.


Market reaction: The 10-year Treasury TMUBMUSD10Y, 3.566% yield was below 3.6% in Thursday's afternoon trading session.