Mortgage rates have experienced a notable decline as the spring home-buying season begins, according to the latest data from Freddie Mac.
What To Know: The 30-year fixed-rate mortgage (FRM) dropped to 6.63% as of Tuesday, down from 6.76% the previous week, marking the largest weekly decrease since mid-September 2024. This drop boosts homebuyers’ purchasing power and could encourage more market activity, including an increase in refinancing.
The refinance share of mortgage applications surged to nearly 44%, the highest since mid-December 2024. The 15-year FRM also decreased to 5.79%, offering additional savings for prospective buyers and homeowners looking to refinance.
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What Consumers Have To Say: With mortgage rates remaining elevated compared to pre-pandemic levels, U.S. homeowners are recalibrating their expectations, according to the latest ResiClub Housing Sentiment Survey conducted between Feb. 21 …
