Potential homebuyers received some positive news from Freddie Mac's weekly interest rate report, as mortgage rates continued their decline for the second week.
'Mansion Global' host Katrina Campins discusses the mortgage rate roller coaster and the impact of Silicon Valley Bank's closure on the real estate market.The 30-year fixed-rate mortgage averaged 6.42% as of Mar. 16, down from 6.6% recorded last week. One year ago, the 30-year FRM averaged 4.42%.
Meanwhile, the 15-year fixed-rate mortgage averaged 5.68%, down from last week when it averaged 5.90%. At the same time in 2022, the 15-year FRM averaged 3.63%. Residential homes in Teaneck, N.J., Nov. 24, 2022. Real estate agents struggle to find listings as deals decline, mortgage rates remain high.
"Mortgage rates continued to slide down as financial market concerns came to the fore over the last two weeks," said Sam Khater, Freddie Mac’s Chief Economist.
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