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30-Year Fixed-Rate Mortgage at 2-Year Low

WRE News September 28, 2024

Buyer

30-Year Fixed-Rate Mortgage at 2-Year Low

Mortgage rates continued to become more tolerable in the latest Primary Mortgage Market Survey published by Freddie Mac (OTCQB: FMCC).

The 30-year fixed-rate mortgage averaged 6.08% as of Sept. 26, down from last week when it averaged 6.09%. A year ago at this time, it averaged 7.31 percent.

The 15-year fixed-rate mortgage averaged 5.16%, up slightly from last week when it averaged 5.15%.A year ago at this time, it averaged 6.72%.

“Although this week’s decline was slight, the 30-year fixed-rate mortgage trended down to its lowest level in two years,” said Sam Khater, Freddie Mac’s chief economist. “Given the downward trajectory of rates, refinance activity continues to pick up, creating opportunities for many homeowners to trim their monthly mortgage payment. Meanwhile, many looking to purchase a home are playing the waiting game to see if rates decrease further as additional economic data is released over the next several weeks.”

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