Mortgage rates see biggest weekly decline since early March

[Housing market interest rate concept]
J Studios/DigitalVision via Getty Images

Long-term mortgage rates saw their biggest weekly decline since early March this week, according to the latest Freddie Mac Primary Mortgage Survey [https://seekingalpha.com/pr/20156153-heading-into-the-holiday-weekend-mortgage-rates-decrease].

30-year fixed-rate mortgages averaged 6.67% as of July 3, down from 6.77% last week and 6.95% in the year-ago week.

15-year fixed-rate mortgages averaged 5.80%, compared to 5.89% the prior week and 6.25% a year ago.

"The average 30-year fixed-rate mortgage decreased for the fifth consecutive week. This is the largest weekly decline since early March," said Sam Khater, Freddie Mac's chief economist.

"Declining mortgage rates are encouraging and, while overall affordability challenges remain, we are seeing more sellers enter the market giving prospective buyers an advantage," added Khater.

Here is a look at the week's detailed survey results [https://www.freddiemac.com/pmms]:
[https://www.freddiemac.com/pmms]
Source: Freddie Mac

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