Mortgage rates fall to lowest level since February 2023 ahead of Fed rate decision
The average rate on a 30-year fixed-rate loan fell to 6.2% this week, according to Freddie Mac
The average rate on a 30-year fixed mortgage fell this week as potential homebuyers and investors turn their attention to the Federal Reserve’s interest rate decision on Wednesday.
At 6.2%, the rate dropped slightly compared to 6.35% a week earlier, according to Freddie Mac data released Thursday. It’s down from 7.18% a year ago and sits at the lowest level 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. But despite the improving mortgage rate environment, prospective buyers remain on the sidelines, as they negotiate a combination of high house prices and persistent supply shortages.
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