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Mortgage Rates Drop To 8-Month Low

WRE News January 21, 2024

Buyer

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

The 30-year fixed-rate mortgage averaged 6.60% as of Jan. 18, down from last week when it averaged 6.66%. A year ago at this time, it averaged 6.15%.

The 15-year fixed-rate mortgage averaged 5.76%, down from last week when it averaged 5.87%. A year ago at this time, it averaged 5.28%.

“Mortgage rates decreased this week, reaching their lowest level since May of 2023,” said Sam Khater, Freddie Mac’s chief economist. “This is an encouraging development for the housing market and in particular first-time homebuyers who are sensitive to changes in housing affordability. However, as purchase demand continues to thaw, it will put more pressure on already depleted inventory for sale.”

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