Rates on 30-year mortgages fell to 6.63% this week, marking a seven-week decline. Borrowing costs on 15-year mortgages fell to 5.79%
LOS ANGELES — Mortgage rates have been mostly declining in recent weeks, helping encourage prospective home shoppers just as the spring homebuying season gets going.
The average rate on a 30-year mortgage in the U.S. has declined seven weeks in a row from 7.04% in mid-January to 6.63% this week, mortgage buyer Freddie Mac said Thursday. A year earlier, it averaged 6.88%. The average rate is now at its lowest level since Dec. 12, when it was 6.6%.
Borrowing costs on 15-year fixed-rate mortgages, popular with homeowners seeking to refinance their home loan to a lower rate, also eased this week. The average rate fell to 5.79% from 5.94% last week. A year ago, it averaged 6.22%, Freddie Mac said.
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Author: amyc