This week, the average rate for a 30-year fixed mortgage dropped to 6.2%, slightly lower than last week’s 6.35% and down from 7.18% a year ago. This marks the lowest rate since February 2023. The 15-year fixed mortgage rate also fell to 5.27%, compared to 5.47% last week and 6.51% last year.
According to Freddie Mac’s chief economist, Sam Khater, the rate decrease is due to more moderate economic data. However, many potential buyers are still hesitant to enter the market because of high home prices and ongoing supply shortages despite the better mortgage rate environment.
