Mortgage Rates Fall for Third Straight Week

By Denny Jacob

Mortgage rates fell again this week for the third consecutive week, according to government-backed housing-finance agency Freddie Mac.

In the week ending Thursday, the average rate on a 30-year fixed-rate mortgage slid to 6.32% from 6.42% the prior week. A year ago, the average rate was 4.67%.

The average 15-year rate slipped to 5.56% from 5.68% last week, Freddie Mac said. A year ago, the 15-year fixed-rate mortgage rate averaged 3.83%.

"Economic uncertainty continues to bring mortgage rates down," said Sam Khater, Freddie Mac's chief economist.

"Over the last several weeks, declining rates have brought borrowers back to the market but, as the spring homebuying season gets under way, low inventory remains a key challenge for prospective buyers," Mr. Khater said.

Write to Denny Jacob at denny.jacob@wsj.com

(END) Dow Jones Newswires

March 30, 2023 12:19 ET (16:19 GMT)

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