Rates Down Again, Purchase Demand “Thawing”
The 30-year fixed rate slipped slightly again last week, prompting some pent-up buyers to lock in a purchase, Freddie Mac reported Thursday.
Freddie’s Primary Mortgage Market Survey found that the 30-year fixed-rate mortgage averaged 6.13%, down from 6.15% the week prior.
A year ago at this time, the 30-year FRM averaged 3.55%.
The 15-year fixed-rate mortgage fell from 5.28% to 5.17%. A year ago, it averaged 2.80%.
“Mortgage rates continue to tick down and, as a result, home purchase demand is thawing from the months-long freeze that gripped the housing market,” said Sam Khater, Freddie Mac’s chief economist. “Potential homebuyers remain sensitive to changes in mortgage rates, but ample demand remains, fueled by first-time homebuyers.”
Pending home sales have been…