The unstable global banking environment has pushed mortgage rates down for the first time in six weeks, according to the weekly survey from Freddie Mac.
- 30-YR FRM: Averaged 6.60% for the week ending March 16th, down 13 basis points from last week but still up 244 basis points from one year ago.
- 15-YR FRM: Averaged 5.90% for the week ending March 16th, down 5 basis points from last week but still up 251 basis points from one year ago.
Analysis. Sam Khater, Freddie Mac’s Chief Economist. said rates are going to be fluctuating while stability remains in question. “Turbulence in the financial markets is putting significant downward pressure on rates, which should benefit borrowers in the short-term.”