"The average long-term U.S. mortgage rate is now down to its lowest level in more than three years. The benchmark 30-year fixed mortgage rate eased to 6.06% this week, down from 6.16% last week, mortgage buyer Freddie Mac said Thursday. One year ago, the rate averaged 7.04%. The last time the average rate was lower was Sept. 15, 2022, when it was at 6.02%."
"Lower mortgage rates boost homebuyers' purchasing power, good news for home shoppers at a time when the housing market remains in a deep slump after years of soaring prices and elevated mortgage rates have shut out many aspiring homeowners. Uncertainty over the economy and job market are also keeping many would-be buyers on the sidelines. Mortgage rates began easing in July in anticipation of a series of Fed rate cuts, which began in September and continued last month."
The benchmark 30-year fixed mortgage rate fell to 6.06% this week from 6.16% last week and from 7.04% a year earlier. The last lower average was 6.02% on Sept. 15, 2022. Fifteen-year fixed rates dropped to 5.38% from 5.46% last week and compared with 6.27% a year ago. Lower mortgage rates increase homebuyers' purchasing power while the housing market remains in a deep slump after years of rising prices and high rates. Economic and job-market uncertainty continues to keep many potential buyers sidelined. Rates began easing in July ahead of Federal Reserve rate cuts that started in September and continued through last month.
Read at Fast Company
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