US EditionAverage rate on a 30-year mortgage falls to lowest level in nearly a year
The 30-year fixed mortgage rate fell 15 basis points to 6.35%, the largest weekly drop in a year, boosting purchase and refinance applications to multi-year highs, Freddie Mac said.
- Last week saw the biggest single-week decrease in the average interest for a 30-year fixed loan in the past year, falling by 15 basis points.
- This decline followed signals from the bond market and weaker-than-expected U.S. labor data, fueling expectations of a Federal Reserve rate cut.
- Mortgage rates remain influenced by Federal Reserve decisions, Treasury yields, and economic indicators, with borrowing costs still higher than historic lows.
- Currently, the 30-year fixed mortgage rate averages 6.25%, with homebuyers paying $616 per $100,000 borrowed monthly in principal and interest, while 15-year rates average 5.24%.
- Although rates fell, experts caution that further declines are uncertain and affordability gains depend on slower home price growth to incentivize buyers.
58 Articles
58 Articles
Mortgage rates sink at fastest weekly pace in a year
Mortgage rates fell this week at their fastest weekly pace in a year, giving some relief to the strained housing market as economic conditions soften. The standard 30-year, fixed-rate mortgage dropped from 6.5 percent last week to 6.35 percent this week, the lowest level since October of last year, according to data from government mortgage…
Mortgage rates were at 6.35% in this week's report presented by Freddie Mac
By Samantha Delouya, CNN After months of waiting in a sluggish housing market, potential buyers may finally have a reason to invest: interest rates are falling. The 30-year fixed mortgage rate averaged 6.35% for the week ending September 11, down from 6.50% the previous week, according to data released Thursday by Freddie Mac. This is the steepest weekly rate drop this year.
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