30-year mortgage rates fall for third week
The average interest rate on a 30-year mortgage fell to 6.62% from 6.64% last week, while the rate on 15-year mortgages remained at 5.82%, according to Freddie Mac.
WASHINGTON – The average interest rate on a 30-year mortgage in the United States fell for the third week in a row, another positive move for potential homebuyers during the traditionally busy housing market season.
Interest rates fell to 6.62 percent from 6.64 percent last week, mortgage buyers Freddie Mac said Thursday. A year ago, the average rate was 6.88%.
The average rate has mostly fallen since reaching just over 7% in mid-January. When mortgage rates fall, they increase the purchasing power of homebuyers.
The cost of borrowing for 15-year fixed-rate mortgages, popular with homeowners refinancing their mortgages, was unchanged from last week. The average rate remained at 5.82 percent but was down from 6.16 percent a year ago, according to Freddie Mac.
Mortgage rates are affected by several factors, including global demand for U.S. Treasuries, the Federal Reserve's interest rate policy decisions, and bond market investor expectations of future inflation.
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