Mortgage Rates Drop to their Lowest Level Since February 2023

“Mortgage rates have fallen more than half a percent over the last six weeks and are at their lowest level since February 2023,” said Sam Khater, Freddie Mac’s Chief Economist. “Rates continue to soften due to incoming economic data that is more sedate. But despite the improving mortgage rate environment, prospective buyers remain on the sidelines, as they negotiate a combination of high house prices and persistent supply shortages.”

News Facts

• The 30-year FRM averaged 6.20 percent as of September 12, 2024, down from last week when it averaged 6.35 percent. A year ago at this time, the 30-year FRM averaged 7.18 percent.
• The 15-year FRM averaged 5.27 percent, down from last week when it averaged 5.47 percent. A year ago at this time, the 15-year FRM averaged 6.51 percent.

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