U.S. mortgage rates edged down to a six-week low of 6.45%, helping drive a fourth-straight advance in applications to buy a home.
The contract rate on a 30-year fixed mortgage eased 3 basis points in the week ended March 24, Mortgage Bankers Association data showed Wednesday. The group’s index of mortgage applications to purchase a home rose 2% to 172.7.
Despite the latest decline, mortgage rates are about 2 percentage points higher than they were a year ago after a series of Federal Reserve rate increases. Treasury yields have stabilized over the past couple weeks after sliding in the wake of several bank closures.
