Mortgage rates dipped slightly this week edging down from last week’s average of 6.94%, to 6.88% this week, according to the latest Primary Mortgage Market Survey® (PMMS®) from Freddie Mac released Thursday.

This week’s numbers:

• The 30-year FRM averaged 6.88% as of March 7, 2024, down from last week when it averaged 6.94%. A year ago at this time, the 30-year FRM averaged 6.73%.
• The 15-year FRM averaged 6.22%, down from last week when it averaged 6.26%. A year ago at this time, the 15-year FRM averaged 5.95%.

The takeaway:
“Evidence that purchase demand remains sensitive to interest rate changes was on display this week, as applications rose for the first time in six weeks in response to lower rates,” said Sam Khater, Freddie Mac’s chief economist. “Mortgage rates continue to be one of the biggest hurdles for potential homebuyers looking to enter the market. It’s important to remember that rates can vary widely between mortgage lenders so shopping around is essential.”

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