Mortgage rates fell for the first time in six weeks, according to weekly data compiled by Freddie Mac.

The 30-year fixed-rate mortgage (FRM) averaged 6.60% as of Mar. 16, down from 6.73% recorded last week. One year ago, the 30-year FRM averaged 4.16%.

Meanwhile, the 15-year fixed-rate mortgage averaged 5.9%, down from last week when it averaged 5.95%. At the same time in 2022, the 15-year FRM averaged 3.39%.

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"Mortgage rates are down following an increase of more than half a percent over five consecutive weeks," Freddie Mac Chief Economist Sam Khater said. 

"Turbulence in the financial markets is putting significant downward pressure on rates, which should benefit borrowers in the short-term," he continued. "During times of high mortgage rate volatility, homebuyers would greatly benefit from shopping for additional rate quotes."

"Our research concludes that homebuyers can potentially save $600 to $1,200 annually by taking the time to shop among multiple lenders," Khater added.

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