Mortgage rate averages 3/30/07
By Bloomberg, AP and Staff Reports 3/30/2007 The nation's benchmark mortgage rate did not change this week, staying near the lowest level for the year.
The average 30-year, fixed-rate home loan is still going for 6.16 percent, government-affiliated mortgage giant Freddie Mac reported Thursday after conducting its weekly nationwide survey.
The rate compares to the low for the year of 6.14 percent, set during the first two weeks of March. That was the lowest point for 30-year mortgages since they averaged 6.13 percent the week of Dec. 21.
Frank Nothaft, chief economist for Freddie Mac, said the troubles in the subprime real estate market, which provides loans to borrowers with weak credit, do not seem to be having an impact on rates so far.
"Despite concerns about possible spillovers from the troubles in the subprime market, rates on 30-year, fixed-rate mortgages remained stable," he said.