Mortgage Rates Continue to Fall

The 30-year fixed-rate mortgage averaged 6.50% as of Sept. 4, according to the latest Primary Mortgage Market Survey published by Freddie Mac (OTCQB: FMCC). This is down from last week when it averaged 6.56%, but it is also up from one year ago when it averaged 6.35%.

The 15-year fixed-rate mortgage averaged 5.60%, down from last week when it averaged 5.69%. A year ago at this time, it averaged 5.47%.

“Mortgage rates continue to trend down, increasing optimism for new buyers and current owners alike,” said Sam Khater, Freddie Mac’s chief economist. “As rates continue to drop, the number of homeowners who have the opportunity to refinance is expanding. In fact, the share of market mortgage applications that were for a refinance reached nearly 47%, the highest since October.”