Mortgage rates drop continue.

Freddie Mac reported an average of 6.85% for a 30-year mortgage, down two basis points from last week. Long-term rates have now fallen for five consecutive weeks, though the total decline over that period has been just 20 basis points.

“The 30-year fixed-rate mortgage has stayed just under 7% for five consecutive weeks and, in that time, has fluctuated less than 20 basis points,” said Sam Khater, Freddie Mac’s Chief Economist. “This stability continues to bode well for potential buyers and sellers as we approach the spring homebuying season.”

Brickfront Properties & Construction Mortgage Rate Disclaimer: The rates reported by Freddie Mac for 30-year mortgages reflect the best rates available to the most qualified borrowers. Those considering refinancing or new loans should not assume they will secure the quoted interest rate.

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