The average 30-year-fixed mortgage rate averaged 3.89% for the week ending Feb. 24, down three basis points from the prior week, according to Freddie Mac‘s latest mortgage survey.

“Even with this week’s decline, mortgage rates have increased more than a full percent over the last six months,” said Sam Khater, Freddie Mac’s chief economist. “Overall economic growth remains strong, but rising inflation is already impacting consumer sentiment, which has markedly declined in recent months. As we enter the spring homebuying season with higher mortgage rates and continued low inventory, we expect home price growth to remain firm before cooling off details ⇒

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