(Crankers) Mortgage rates posted their sharpest weekly decline in a year, according to new data from Freddie Mac.
The lender’s Primary Mortgage Market Survey, released Thursday, showed the average 30-year fixed mortgage rate fell to 6.35%, down from 6.5% last week. A year ago, the average stood at 6.2%.
“Mortgage rates are headed in the right direction and homebuyers have noticed, as purchase applications reached the highest year-over-year growth rate in more than four years,” Sam Khater, Freddie Mac’s chief economist, told Fox Business.
Meanwhile, the average rate on the 15-year fixed mortgage fell to 5.5% from last week’s reading of 5.6%. One year ago, the rate on the 15-year fixed note averaged 5.27%, the outlet reported.