Mortgage rates inch lower this week

Mortgage rates ticked lower this week, mortgage buyer Freddie Mac said Thursday.

Freddie Mac’s latest Primary Mortgage Market Survey, released Thursday, showed that the average rate on the benchmark 30-year fixed mortgage fell to 6.74% from last week’s reading of 6.75%.

The average rate on a 30-year loan was 6.78% a year ago.

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“This week, the 30-year fixed-rate mortgage essentially remained flat at 6.74%,” said Sam Khater, Freddie Mac’s Chief Economist. “Overall, the backdrop for the housing market is positive as the economy continues to perform well with solid employment and income growth.”

The average rate on the 15-year fixed mortgage fell to 5.87% from last week’s reading of 5.92%. One year ago, the rate on the 15-year fixed note averaged 6.07%.