Mortgage Rates Continue to Drop Amid Economic Uncertainty.
Mortgage rates fell for a second week, with the 30-year fixed-rate mortgage averaging 6.42%, down from 6.6% last week. The real estate market is expected to recover as cheaper mortgage rates could save homeowners hundreds or even thousands of dollars per year. The Federal Reserve's announcement of raising interest rates 25 more basis points, while hinting that it may be done with rate hikes, has taken pressure off of mortgage rates. Freddie Mac's Chief Economist predicts a continued rebound during the first weeks of the spring homebuying season if mortgage rates continue to slide over the next few weeks.