Borrowing costs on 15-year fixed-rate mortgages eased this week, appealing to homeowners looking to refinance and seeking lower rates.
The average rate on a 30-year mortgage dipped to 6.09 percent, marking its lowest level since early February 2023, down from 7.19 percent last year.
Federal Reserve's decision to cut interest rates for the first time in more than four years is expected to lead to lower borrowing costs for mortgages.
Sam Khater, chief economist at Freddie Mac, stated that the recent decline in mortgage rates should spur refinancing and home purchase loans.
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