Long-term mortgage rates continue to fall.

On Thursday, Freddie Mac reported 6.60% as the average on a 30-year mortgage, down 9 basis points from the previous week. Rates have now fallen about 25 basis points over the last three weeks. 

“The combination of mortgage rate declines, firm consumer income growth and a bullish stock market have increased homebuyer demand in recent weeks," said Sam Khater, Freddie Mac’s Chief Economist. "While the outlook for the housing market is improving, the improvement is limited given that homebuyers continue to face stiff affordability headwinds.” 

The UrbanTurf Mortgage Rate Disclaimer: The rates reported by Freddie Mac for 30-year mortgages are usually the best rates that the most qualified borrowers can get, so borrowers or those considering refinancing should not necessarily read this news and think that they can go out and get a loan with the quoted interest rate.