Mortgage rates tick lower for third straight week

Mortgage rates ticked lower 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 6.62% from last week’s reading of 6.64%. The average rate on a 30-year loan was 6.88% a year ago.

“The average 30-year fixed-rate mortgage continues to trend down, remaining under 7% for the twelfth consecutive week,” said Sam Khater, Freddie Mac’s chief economist. “As purchase applications continue to climb, the spring homebuying season is shaping up to look more favorable than last year.”

IS THE US HOUSING MARKET BECOMING A BUYER-FRIENDLY MARKET?

THESE FLORIDA CITIES COULD SEE HOME PRICES FALL

The average rate on the 15-year fixed mortgage fell to 5.82%, unchanged from last week. One year ago, the rate on the 15-year fixed note averaged 6.16%.