Mortgage rates tick lower for second week in a row

Mortgage rates ticked lower this week, mortgage buyer Freddie Mac said Thursday.

Freddie Mac’s latest Primary Mortgage Market Survey, released Thursday, showed that the average rate on the benchmark 30-year fixed mortgage fell slightly to 6.64% from last week’s reading of 6.65%. The average rate on a 30-year loan was 6.82% a year ago.

“Over the last month, the 30-year fixed-rate has settled in, making only slight moves in either direction,” said Sam Khater, Freddie Mac’s chief economist. “This stability is reassuring, and borrowers have responded with purchase application demand rising to the highest growth rate since late last year.”

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The average rate on the 15-year fixed mortgage fell to 5.82% from 5.89% last week. One year ago, the rate on the 15-year fixed note averaged 6.06%.