Mortgage Rates Buck Trend, Drop Sharply.

Mortgage rates in the US have fallen for the first time in six weeks, with the 30-year fixed-rate mortgage averaging 6.60% as of March 16, down from 6.73% last week. Freddie Mac's Chief Economist, Sam Khater, said that the turbulence in the financial markets is putting significant downward pressure on rates, which should benefit borrowers in the short-term. Homebuyers can potentially save $600 to $1,200 annually by taking the time to shop among multiple lenders, according to Khater.