Mortgage rates fall, providing some relief to home buyers

By Aarthi Swaminathan

U.S. mortgage rates tick down amid spring homebuying season

Mortgage rates tick down, offering home buyers some relief in terms of affordability.

The 30-year fixed-rate mortgage fell and averaged 6.79% as of March 28, according to data released by Freddie Mac (FMCC) on Thursday.

It's down 8 basis points from the previous week - one basis point is equal to one hundredth of a percentage point.

A year ago, the 30-year was averaging at 6.32%.

The average rate on the 15-year mortgage was 6.11%, down from 6.21% last week. The 15-year was at 5.68% 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 6.91% as of Thursday afternoon. The Mortgage Bankers Association's survey noted that the 30-year was at 6.93% as of March 22.

What Freddie Mac said: "Rates remain elevated near seven percent as markets watch for signs of cooling inflation, hoping that rates will come down further," Sam Khater, chief economist at Freddie Mac, said in a statement.

-Aarthi Swaminathan

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03-28-24 1201ET

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