The average rate for a 30-year fixed-rate mortgage fell to 6.67% this week, down from 6.95% last week, according to Freddie Mac’s Primary Mortgage Market Survey.
A year ago at this time, the average rate for a 30-year was 6.27%.
“The 30-year fixed-rate mortgage remained below seven percent for the second week in a row, a welcome downward trend after 17 consecutive weeks above seven percent,” says Sam Khater, chief economist for Freddie Mac, in a statement. “Lower rates are bringing potential home buyers who were previously waiting on the sidelines back into the market and builders already are starting to feel the positive effects. A rise in home builder confidence, followed by new home construction reaching its highest level since May, signals a response to meet heightened demand as current inventory remains low.”
The average rate for a 15-year fixed-rate mortgage was 5.95%, down from last week when it averaged 6.38%.
A year ago at this time, the average rate for a 15-year was 5.69%.
Photo: David Kristianto