After seven weeks of consecutive increases in mortgage rates, Freddie Mac’s most recent survey shows a decrease, giving borrowers the chance to refinance.

Mortgage interest rates dropped for the first time after nearly two months of upward momentum, giving some borrowers who haven’t yet done so the opportunity to refinance. 

The average 30-year fixed rate mortgage dropped to 3.13 percent for the week ending Apr. 8, 2021, according to the latest Primary Mortgage Market Survey from Freddie Mac. This is down five basis points from 3.18 percent last week, and down from 3.33 percent last year. 

“After moving up for seven consecutive weeks, mortgage rates have dropped due to the recent, modest decline of U.S. Treasury yields,” Freddie Mac Chief Economist

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