{"id":619559,"date":"2023-03-18T13:41:00","date_gmt":"2023-03-18T18:41:00","guid":{"rendered":"https:\/\/news.sellorbuyhomefast.com\/index.php\/2023\/03\/18\/mortgage-rates-fall-in-latest-week-freddie-mac-cites-worries-over-bank-closures-and-volatility-in-financial-markets\/"},"modified":"2023-03-18T13:41:00","modified_gmt":"2023-03-18T18:41:00","slug":"mortgage-rates-fall-in-latest-week-freddie-mac-cites-worries-over-bank-closures-and-volatility-in-financial-markets","status":"publish","type":"post","link":"https:\/\/newsycanuse.com\/index.php\/2023\/03\/18\/mortgage-rates-fall-in-latest-week-freddie-mac-cites-worries-over-bank-closures-and-volatility-in-financial-markets\/","title":{"rendered":": Mortgage rates fall in latest week. Freddie Mac cites worries over bank closures, and volatility in financial markets"},"content":{"rendered":"
\n

The numbers: <\/strong>Mortgage rates are down for the first time in six weeks, as the U.S. economy deals with bank collapses and an uncertain road ahead.<\/p>\n

The 30-year fixed-rate mortgage averaged 6.60% as of March 16, according to data<\/a> released by Freddie Mac
\n FMCC,
\n +0.65%<\/bg-quote><\/a>
\n on Thursday.\u00a0<\/p>\n

That\u2019s down 13 basis points from the previous week \u2014 one basis point is equal to one hundredth of a percentage point.\u00a0<\/p>\n

\n

Last week, the 30-year was at 6.73%. Last year, the 30-year was averaging at 4.16%<\/p>\n

The average rate on the 15-year mortgage fell to 5.9%, from 5.95% the previous week. The 15-year was at 3.39% a year ago.<\/p>\n

<\/p>\n
\n

\n <\/p>

\n <\/figcaption><\/figure>\n<\/p><\/div>\n

Freddie Mac\u2019s weekly report on mortgage rates is based on thousands of applications received from lenders across the country that are submitted to Freddie Mac when a borrower applies for a mortgage.\u00a0<\/p>\n

Separate data by Mortgage News Daily<\/a> said that the 30-year fixed-rate mortgage was averaging at 6.55% as of Thursday morning.<\/p>\n

What Freddie Mac said: <\/strong>\u201cTurbulence in the financial markets is putting significant downward pressure on rates, which should benefit borrowers in the short-term,\u201d Sam Khater, chief economist at Freddie Mac, said in a statement.\u00a0<\/p>\n

Khater urged buyers to shop around for additional rate quotes and not stick with one lender, given the present volatility in mortgage rates.<\/p>\n

\u201cOur research concludes that homebuyers can potentially save $600 to $1,200 [per year] annually by taking the time to shop among multiple lenders,\u201d Khater said.<\/p>\n

What they\u2019re saying:<\/strong> <\/strong>A drop in rates is boosting mortgage demand, Bob Broeksmit, president and CEO of the Mortgage Bankers Association, said in a statement.<\/p>\n

\u201cAnticipated further rate declines may spur additional application gains as the spring home buying season begins,\u201d he added.\u00a0<\/p>\n

Market reaction: <\/strong>The yield on the 10-year Treasury note
\n TMUBMUSD10Y,
\n 3.430%<\/bg-quote><\/a>
\n was trading below 3.5% during the afternoon trading session on Thursday.<\/p>\n<\/p><\/div>\n<\/div>\n

Read More<\/a>
\n Samatha Schildgen<\/p>\n","protected":false},"excerpt":{"rendered":"

The numbers: Mortgage rates are down for the first time in six weeks, as the U.S. economy deals with bank collapses and an uncertain road ahead. The 30-year fixed-rate mortgage averaged 6.60% as of March 16, according to data released by Freddie Mac FMCC, +0.65% on Thursday.\u00a0 That\u2019s down 13 basis points from the previous […]<\/p>\n","protected":false},"author":1,"featured_media":619560,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[534,22149,22767],"tags":[],"class_list":{"0":"post-619559","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-financial","8":"category-mortgage","9":"category-rates"},"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/619559","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/comments?post=619559"}],"version-history":[{"count":0,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/619559\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media\/619560"}],"wp:attachment":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media?parent=619559"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/categories?post=619559"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/tags?post=619559"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}