Digits: Mortgages are down for the first time in six weeks, as the US economy deals with bank collapses and an uncertain path forward. -5.46% 30-year fixed-rate mortgages averaged 6.60% as of March 16, according to data released Thursday by Freddie Mac FMCC. That’s down 13 basis points from the previous week – one basis point equals one-hundredth of a percentage point. Last week, the 30-year was at 6.73%. Last year, the average rate on a 30-year was 4.16%, the average rate on a 15-year mortgage fell to 5.9%, from 5.95% the previous week. A year ago, the 15-year rate was 3.39 percent. Freddie Mac’s 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. The average 30-year fixed-rate mortgage was 6.55% as of Thursday morning, according to separate data by Mortgage News Daily. What Freddie Mac said: “The turmoil in the financial markets is putting significant downward pressure on rates, which should benefit borrowers in the short term,” Freddie Mac chief economist Sam Khatter said in a statement. Khater urged buyers to shop around for higher rate pricing and stick with one lender given the current volatility in mortgage rates. “Our research concludes that homebuyers can potentially save $600 to $1,200 annually by taking the time to shop between multiple lenders,” Khater said. What they say: Mortgage Bankers Association President and CEO Bob Brockschmidt said in a statement that falling rates are boosting mortgage demand. “Further rate cuts expected as the spring home buying season begins could spur additional application gains,” he added. Market Reaction: The yield on the 10-year Treasury note, TMUBMUSD10Y, was trading below 3.5% at 3.562% during Thursday’s afternoon trading session.
