Mortgage rates fell for the sixth consecutive week, with 30-year fixed-rate mortgages averaging 6.63% according to Freddie Mac. This decline marks a significant drop from last week’s rate of 6.76%. The reduction is attributed to concerns about the economy, which has seen warning signs such as slowing hiring and rising tariffs.
The US stock market closed at its lowest level since November’s election, with job cuts exceeding analyst expectations. Consumer spending has also slowed, according to reports from retailers. As a result, real estate agents are reporting decreased activity in the market.
However, lower interest rates provide a silver lining for those affected by economic uncertainty. Freddie Mac Chief Economist Sam Khater notes that refinancing applications now account for 44% of all mortgage applications, the highest since mid-December.
For buyers, decisions may become more complicated due to the ongoing economic uncertainty. Real estate agent Steve Reese advises clients to work with local lenders who can help track rates and other factors affecting refinancing. He believes consumers are becoming increasingly cautious in their purchasing decisions, citing the White House’s chaotic environment as a major concern.
Source: https://eu.usatoday.com/story/money/personalfinance/real-estate/2025/03/06/mortgage-rates-fall-sixth-week-slow-economy/80849992007