Mortgage Rates Fall To Lowest Level Since February 2023

The average rate on a 30-year fixed mortgage fell this week as potential homebuyers and investors await the Federal Reserve’s interest rate decision, Claire Boston reported for Yahoo Finance.

The average rate on a 15-year fixed mortgage was 5.27%, down from 5.47% last week and 6.51% last year.

At 6.2%, the rate dropped slightly from 6.35% a week earlier, according to Freddie Mac data released Thursday. It’s down from 7.18% a year ago since February 2023. The average rate on a 15-year fixed mortgage was 5.27%, down from 5.47% last week and 6.51% last year.

“Rates continue to soften due to incoming economic data that is more sedate,” Sam Khater, Freddie Mac’s chief economist, said in a statement. However, despite the improving mortgage rate environment, prospective buyers remain hesitant, as they face high house prices and ongoing supply shortages.