Mortgage rates edge lower, remain near 7%
Mortgage rates fell slightly again this week but long-term rates remain in the upper-6% range as the housing market continues to drag, waiting for greater declines.
Current 15-Year Mortgage Rates
According to the latest data from Freddie Mac’s Primary Mortgage Market Survey, the average 15-year fixed mortgage rate is currently around 6.00%. That’s nearly a full percentage point lower than the average 30-year fixed mortgage rate, which is sitting in the upper 6.00% range.
Mortgage Rates Saw a Notable Drop Last Week. Here's How Much You Could Save.
Rates on 15-year new purchase loans fell even more significantly last week, plunging 16 basis points to average 5.98% Friday. Like 30-year loans, 15-year rates sank to a two-year low in September, dropping as far as 4.97% (though the lowest Friday weekly average was 5.07%).
Mortgage Rates Decrease
The 30-year fixed-rate mortgage decreased this week, now averaging 6.89%,” said Sam Khater, Freddie Mac’s Chief Economist. “Mortgage rates have been stable over the last month and incoming data suggest the economy remains on firm footing.
Mortgage rates drop leading to increased purchase applications
Mortgage rates fell this week, making way for an increase in purchase applications, according to the latest Freddie Mac Primary Mortgage Survey. 30-year fixed-rate mortgages averaged 6.89% as of February 6,
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