The rate for a 30-year fixed-rate mortgage averaged 6.09% this week, down from last week when it averaged 6.20%. A year ago, the 30-year rate was 7.19%. The rate for a 15-year fixed-rate mortgage averaged 5.15%, down from last week when it averaged 5.27%. A year ago, the rate was 6.54%.
“Mortgage rates continued declining toward the 6% mark, reviving purchase and refinance demand for many consumers,” said Sam Khater, Freddie Mac’s chief economist. “While mortgage rates do not directly follow moves by the Federal Reserve, this first cut in over four years will have an impact on the housing market. Declining mortgage rates over the last several weeks indicate this cut was mostly baked in, but we expect rates to fall further, sparking more housing activity.”
