Interest rates on 30-year fixed-rate mortgages declined on a weekly basis, with rates expected to remain around the 6.5 percent level for the major part of the year.
The average weekly rate on these mortgages was 6.64 percent for the week ended April 2, according to data from Freddie Mac. This is a decline from 6.65 percent in the previous week and was the second consecutive weekly drop in rates.
“Over the last month, the 30-year fixed-rate has settled in, making only slight moves in either direction,” said Freddie Mac chief economist Sam Khater.
“This stability is reassuring, and borrowers have responded with purchase application demand rising to the highest growth rate since late last year.”…