Mortgage rates slipped this week, mortgage buyer Freddie Mac said Thursday.
Freddie Mac’s latest Primary Mortgage Market Survey, released Thursday, showed that the average rate on the benchmark 30-year fixed mortgage fell slightly to 6.81% from last week’s reading of 6.83%.
The average rate on a 30-year loan was 7.17% a year ago.
“Over the last couple of months, the 30-year fixed-rate mortgage has fluctuated less than 20 basis points, and this stability continues to bode well for buyers and sellers alike,” said Sam Khater, Freddie Mac’s chief economist.
IS THE US HOUSING MARKET BECOMING A BUYER-FRIENDLY MARKET?
The average rate on the 15-year fixed mortgage also fell to 5.94% from last week’s reading of 6.03%. One year ago, the rate on the 15-year fixed note averaged 6.44%.
The release was preceded by data on U.S. existing home sales, which fell more than expected in March, weighed down by higher borrowing costs, and further weakness is likely as growing concerns of an economic slowdown because of tariffs sap demand.
Home sales dropped 5.9% last month to a seasonally adjusted annual rate of 4.02 million units, the National Association of Realtors said on Thursday. Economists polled by Reuters had forecast home resales declining to a rate of 4.13 million units.
Sales fell 2.4% year-on-year in March.
GET FOX BUSINESS ON THE GO BY CLICKING HERE
A dimming economic outlook because of uncertainty caused by President Donald Trump’s constantly shifting tariff policy and duties already imposed on a plethora of imports, including lumber, is seen dragging the housing market.
Reuters contributed to this report.
Read the full article here