The 30-year fixed-rate mortgage averaged 6.60% as of Mar. 16, down from 6.73% recorded last week. One year ago, the 30-year FRM averaged 4.16%.
A sign announces newly built homes at a development in Sudbury, Ma., Mar. 12, 2023. On Thursday, Freddie Mac reports on this week's average U.S. mortgage rates. "Turbulence in the financial markets is putting significant downward pressure on rates, which should benefit borrowers in the short-term," he continued. "During times of high mortgage rate volatility, homebuyers would greatly benefit from shopping for additional rate quotes."
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