According to the Freddie Mac report published this Thursday, the average 30-year fixed mortgage rate in the United States increased to 6.09%; However, it remains among the lowest in the last three years, when it hovered above 7%. Sam Khater, chief economist at Freddie Mac, commented that “with the improving economy and the average 30-year fixed-rate mortgage almost a percentage point lower than last year, more homebuyers are entering the market.” Due to soaring mortgage rates and a lack of inventory that drove up home prices, many buyers and homeowners stayed out of the market. Therefore, Khater mentioned that “buyers should always shop around to find the best rate, as multiple quotes can save them thousands of dollars.” The average 30-year fixed-rate mortgage reading was 6.06% last week, compared to 6.96% a year ago. Meanwhile, the average 15-year fixed mortgage rate settled at 5.44%, down from 5.38% during the second week of January. For his part, Realtor.com senior economist Anthony Smith noted that current economic decisions have fueled market volatility, and mentioning President Donald Trump's recent announcement, he highlighted that this has contributed to the recent rate cuts, although uncertainty surrounding its implementation could limit its impact. “A separate executive order outlined a framework to restrict institutional investor participation in housing markets, but because key details of its implementation have yet to be defined, the short-term effects are likely to be limited and concentrated in select metropolitan areas,” Smith said.