Interest rates continued to fall in the latest weekly survey by Freddie Mac. The 30-year fixed-rate mortgage decreased to 6.62%, down from 6.64% a week ago.

The 15-year rate remained unchanged at 5.82%. Still, the steadily declining rates should be good news for the mortgage market, said Sam Khater, Freddie Mac’s chief economist, in a statement.

“The average 30-year fixed-rate mortgage continues to trend down, remaining under 7% for the twelfth consecutive week,” Khater said. “As purchase applications continue to climb, the spring homebuying season is shaping up to look more favorable than last year.”

A year ago, the 30-year rate averaged 6.88%. The 15-year rate averaged 6.16% for the same week in 2024.

Lower interest rates boosted applications for mortgages last week, according to the Mortgage Bankers Association (MBA). The trade association said that mortgage applications jumped 20% last week with increases in both purchases and refinances.