Mortgage rates ease slightly as spring homebuying season nears: Freddie Mac

Mortgage rates eased slightly this week, enough to reheat the homebuying momentum as the market heads into a traditionally busy season of the year, according to Freddie Mac. The average 30-year fixed-rate mortgage was 6.88% for the week ending March 7, according to Freddie Mac's latest Primary Mortgage Market Survey. That's a drop from the previous week when it averaged 6.94%. A year ago, the 30-year fixed-rate mortgage averaged 6.73%. The average rate for a 15-year mortgage was 6.

5% of home sellers dropped their asking price, the highest share of any February since at least 2015, while the share of affordable homes on the market has increased, according to Realtor.com."Mortgage rates remain stubbornly high, and since there is no indication that the Fed will set interest rates meaningfully lower in the short term, it is unlikely that mortgage rates will fall much this year," Voxtur Analytics Senior Vice President David Sober said in a statement.

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