The 30-year was at the lowest level in 8 weeks, according to new data released by Freddie Mac.
The numbers: Mortgage rates dipped for the fifth week in a row, giving would-be home buyers a boost as the cost of borrowing eases.
Rates were last at this level in early February. When rates dropped then, existing home sales surged. And mortgage demand is up is already up, according to the Mortgage Bankers Association’s latest weekly report.The average rate on the 15-year mortgage fell to 5.54% from 5.64% the previous week. The 15-year rate was at 4.17% a year ago.
Separate data by Mortgage News Daily said that the 30-year fixed-rate mortgage was averaging 6.42% as of Thursday morning. “These trends, coupled with tight labor markets, are creating increased optimism among prospective homebuyers as the housing market hits its peak in the spring and summer,” he added.
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