The average interest rate for a 30-year fixed-rate mortgage fell 0.02% over the past week to 6.81%, according to Freddie Mac’s weekly survey.
The slight decline should come as a relief for homebuyers and sellers following a 0.21% leap in the 30-year rate the previous week. On a year-over-year basis, the average 30-year fixed-rate mortgage is down 0.36%, according to Freddie Mac.
“The average mortgage rate decreased slightly this week,” Freddie Mac Chief Economist Sam Khater said in a statement. “Over the last couple of months, the 30-year fixed-rate mortgage has fluctuated less than 20 basis points, and this stability continues to bode well for buyers and sellers alike.”
The 15-year fixed-rate mortgage fell 0.09% over the past week to 5.94%, Freddie Mac reported. It is down 0.5% from a year ago and currently sits one basis point above its 52-week average.
Like 30-year interest rates, average borrowing costs for 15-year mortgages also rose 21 basis points during Freddie Mac’s previous weekly reporting period ending April 17. The sharp spike took a toll on mortgage activity, with the Mortgage Bankers Association reporting Wednesday that mortgage applications fell 12.7% on a seasonally adjusted basis last week and refinancing activity was down 20%.
