Washington, DC CNN —
Mortgage rates dropped for the second week in a row, falling nearly a quarter of a percentage point over the past two weeks in the face of stronger-than-expected employment and inflation data.
The 30-year fixed-rate mortgage averaged 6.74% in the week ending March 14, down from 6.88% the previous week, according to data from Freddie Mac released Thursday. A year ago, the average 30-year fixed-rate was 6.60%.
But while rates are expected to move around in the next few months, homebuyers shouldn’t expect a major drop.
“Despite the recent dip,
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