Mortgage Rates Continue to Tumble
“Mortgage rates continued declining towards the six percent mark, reviving purchase and refinance demand for many consumers,” said Sam Khater, Freddie Mac’s Chief Economist. “While mortgage rates do not directly follow moves by the Federal Reserve, this first cut in over four years will impact the housing market. Declining mortgage rates over the last several weeks indicate this cut was mostly baked in, but we expect rates to fall further, sparking more housing activity.”
News Facts
- As of September 19, 2024, the 30-year FRM averaged 6.09 percent, down from 6.20 percent last week and 7.19 percent a year ago.
- The 15-year FRM averaged 5.15 percent, down from 5.27 percent last week. At this time a year ago, it averaged 6.54 percent.
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