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Mortgage rates fall for the third week in a row | CNN Business

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Homebuyers saw another week of falling mortgage rates, with the average rate dropping last week for the third week in a row, according to data from Freddie Mac

released Thursday. The 30-year fixed-rate mortgage averaged 6.32% in the week ending March 30, down from 6.42% the week before. A year ago, the 30-year fixed-rate was 4.67%. “Economic uncertainty continues to bring mortgage rates down,” said Sam Khater, Freddie Mac’s chief economist. “Over the last several weeks, declining rates have brought borrowers back to the market but, as the spring homebuying season gets underway, low inventory remains a key challenge for prospective buyers.

Mortgage rates tend to track the yield on 10-year US Treasury bonds, which move based on a combination of anticipation about the Fed’s actions, what the Fed actually does and investors’ reactions. When Treasury yields go up, so do mortgage rates; when they go down, mortgage rates tend to follow. The banking turmoil may do some of the Fed’s work of cooling inflation for it.

 

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Oh really? So I'll be able to get a loan for the low low rate of 8.25% Boy howdy, I'm going straight to the bank right now!

Keep falling

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