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Mortgage rates fell for the first time in six weeks, 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 6.67% from last week’s reading of 6.69%.
The average rate on a 30-year loan was 6.58% a year ago.
“Housing affordability has improved from a year ago, and recent increases in purchase and refinance applications suggest that borrowers continue to respond to even modest changes in mortgage rates,” said Sam Khater, Freddie Mac’s chief economist.
A TALE OF TWO HOUSING MARKETS: LUXURY DEMAND SURGES AS AFFORDABILITY SQUEEZES STARTER-HOME BUYERS
The average rate on a 15-year fixed mortgage fell to 5.96% from last week’s reading of 6.01%.
