WASHINGTON, March 14 (Xinhua) -- Mortgage rate in the United States dropped last week, as home supply remained low in the market, the U.S. Federal Home Loan Mortgage Corporation, commonly known as Freddie Mac, said on Thursday.
For the week ending March 14, 30-year fixed-rate mortgage (FRM) in the United States dropped 10 basis points to 4.31 percent, while the previous week's figure was 4.41 percent.
For the same period a year ago, the 30-year FRM averaged 4.44 percent, according to Freddie Mac.
"At 4.31 percent, the average 30-year fixed mortgage rate is at its lowest since February of last year. While these low rates will certainly get the attention of prospective homebuyers, the supply of homes for sale remains stubbornly low," said Sam Khater, chief economist of Freddie Mac.
Besides, Freddie Mac noted that 15-year FRM this week edged down to 3.76 percent, which was also lower than previous week's reading of 3.83 percent. For the same period a year ago, the figure was 3.9 percent.
"Mortgage rates declined decisively this week amid various market reports, a strong bond auction and further uncertainty around the Brexit deal, which all contributed to driving bond yields lower," Khater added.
Freddie Mac is a corporation founded by U.S. Congress, aiming at promoting the stability and affordability in the U.S. housing market by purchasing mortgages from banks and other loan makers. The corporation has been conducting weekly surveys on U.S. mortgage rate since April 1971.