“As the spring homebuying season gets underway, the 30-year fixed-rate mortgage saw the largest weekly decline since mid-September,” says Freddie Mac Chief Economist Sam Khater. “The decline in rates increases prospective homebuyers’ purchasing power and should provide a strong incentive to make a move."

U.S. mortgage rates dropped this week the largest percentage in six months. That's the word from Freddie Mac, which released its latest data. Freddie Mac reports the 30-year fixed mortgage rate averaged 6.63% for the week ending March 6 — down from 6.76% last week. A year ago, mortgage rates averaged 6.88%.

Most mortgage market observers began the year believing rates were more likely to rise than fall, but that hasn’t panned out. Rates ticked up slightly in early January but have fallen steadily since then in tandem with warning signs about the economy.

Mortgage rates fell for a seventh week in a row, according to mortgage buyer Freddie Mac. The average rate on the 30-year fixed mortgage is 6.63%.

More homes are expected to come onto the market as the spring homebuying season gets underway. Continued improvements in mortgage rates, which have declined for seven straight weeks, could lead to

Mortgage rates have declined for seven consecutive weeks in a welcome shift for a housing market that has struggled with affordability challenges since the post