U.S. mortgage rates fall to lowest levels in six weeks


The numbers: Mortgage rates slide down to the lowest level in six weeks as consumers feel uncertain about the state of the U.S. economy.

The 30-year fixed-rate mortgage averaged 6.32% as of March 30, according to data released by Freddie Mac on Thursday. 

That’s down 10 basis points from the previous week — one basis point is equal to one hundredth of a percentage point. 

The 30-year was last at this level in mid-February.

Last week, the 30-year was at 6.42%. Last year, the 30-year was averaging at 4.67%.

The average rate on the 15-year mortgage fell to 5.56%, from 5.68% the previous week. The 15-year was at 3.83% a year ago.

Freddie Mac’s weekly report on mortgage rates is based on thousands of applications received from lenders across the country that are submitted to Freddie Mac when a borrower applies for a mortgage. 

Separate data by Mortgage News Daily said that the 30-year fixed-rate mortgage was averaging at 6.61% as of Thursday morning.

What Freddie Mac said: “Over the last several weeks, declining rates have brought borrowers back to the market but, as the spring homebuying season gets underway, low inventory remains a key challenge for prospective buyers,” Sam Khater, chief economist at Freddie Mac, said in a statement. 

Market reaction: The yield on the 10-year Treasury note TMUBMUSD10Y, 3.550% was trading below 3.6% during the afternoon trading session on Thursday.

This article was originally published by Marketwatch.com. Read the original article here.

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