Mortgage rates decreased slightly this week to an average of 6.85% for the 30 year fixed rate mortgage as per Freddie Mac. The 30-year fixed-rate mortgage has stayed just at around 7% or lower for a few consecutive months now. This stability continues to bode well for potential buyers and sellers as the spring homebuying season approaches.
Each week, since April 1971, Freddie Mac surveys lenders on the rates and points for their most popular 30-year fixed-rate, 15-year fixed-rate and 5/1 hybrid amortizing adjustable-rate mortgage products. The survey is based on first-lien prime conventional conforming home purchase mortgages with a loan-to-value of 80 percent. In addition, the adjustabl...