Mortgage Rates Drop Below 7%

Mortgage rates dropped below the dreaded 7% mark in the latest Primary Mortgage Market Survey published by Freddie Mac (OTCQB: FMCC).

The 30-year fixed-rate mortgage averaged 6.96% as of Jan. 23, down from last week when it averaged 7.04%. A year ago at this time, it averaged 6.69%.

The 15-year fixed-rate mortgage averaged 6.16%, down from last week when it averaged 6.27%. A year ago at this time, it averaged 5.96%.

“After crossing the 7% mark last week, the 30-year fixed-rate mortgage saw its first decline in six weeks,” said Sam Khater, Freddie Mac’s chief economist. “While affordability challenges remain, this is welcome news for potential homebuyers, as reflected in a corresponding uptick in purchase applications.”