The Luck Of The Irish: Average Rate Down, Daily Rate Below 6%
Prospective homebuyers may be benefiting from the luck of the Irish this week as mortgage rates fall.
Officials at Freddie Mac reported Thursday that the 30-year fixed-rate mortgage rate averaged 6.60%, down from 6.73% the week prior.
A year ago at this time, the 30-year FRM averaged 4.16%.
The 15-year fixed-rate mortgage dipped from 5.95% to 5.90%. A year ago, it averaged 3.39%.
“Mortgage rates are down following an increase of more than half a percent over five consecutive weeks,” said Sam Khater, Freddie Mac’s Chief Economist.
“Turbulence in the financial markets is putting significant downward pressure on rates, which should benefit borrowers in the short term. During times of high mortgage rate volatility, homebuyers would greatly benefit from shopping…