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Mortgage rates fell below 6% this week for the first time in three and a half years, mortgage buyer Freddie Mac said Thursday.
Freddie Mac’s latest Primary Mortgage Market Survey, released Thursday, showed the average rate on the benchmark 30-year fixed mortgage fell to 5.98% from last week’s reading of 6.01%.
The average rate on a 30-year loan was 6.76% a year ago.
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“This rate, combined with the improving availability of homes for sale, is meaningful and will drive more potential buyers into the market for spring homebuying season,” said Sam Khater, Freddie Mac’s chief economist.
The average rate on a 15-year fixed mortgage increased to 5.44% from last week’s reading of 5.35%.
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