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Mortgage rates were little changed this week, but longer-term bonds fell to their lowest levels since 2022.
Freddie Mac's latest primary mortgage market survey released Thursday showed that the average benchmark interest rate was 30-year fixed rate mortgage That's down to 6.08% from 6.09% last week. The average rate on a 30-year mortgage was 7.31% a year ago.
A “For Sale” sign hangs on a home in Philadelphia, Pennsylvania on August 16, 2024. (Joe Lamberti/Bloomberg via Getty Images/Getty Images)
“While declines were modest this week, the 30-year fixed-rate mortgage fell to its lowest level in two years,” said Sam Carter, chief economist at Freddie Mac.
“Downward interest rates have led to continued refinancing activity, creating an opportunity for many homeowners to lower their monthly mortgage payments,” Carter said. “Meanwhile, many potential homebuyers are adopting a wait-and-see strategy as they wait to see if additional economic data is released in the coming weeks to further lower interest rates.”
Many buyers and sellers are waiting to see if interest rates will fall further. Currently, about 80% of mortgage holders are living with less than 5% down, according to Zillow research.
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The average interest rate on a 15-year fixed mortgage rose slightly to 5.16 percent from 5.15 percent last week. A year ago, the average interest rate on a 15-year fixed mortgage was 6.72 percent.
