Mortgage rates dropped slightly for the fifth week in a row, according to Freddie Mac, which conducts a weekly survey on rates. The 30-year fixed rate mortgage fell to 6.85% down from 6.87% the week prior.
The decline is only marginal — just 0.02% week over week. Stable rates could be a boon for the housing market, said Sam Khater, Freddie Mac’s chief economist, in a statement.
“The 30-year fixed-rate mortgage has stayed just under 7% for five consecutive weeks and in that time has fluctuated less than 20 basis points,” Khater said. “This stability continues to bode well for potential buyers and sellers as we approach the spring homebuying season.”
The 15-year fixed rate mortgage also fell in this survey. The rate dropped to 6.04%, down from the week prior when it averaged 6.09%.
Declining rates had been leading to a boost in refinances over the past few weeks. The Mortgage Bankers Association reported earlier this week that mortgage applications dropped 6.6% week over week.
