Mortgage rates decreased this week, with the average rate for a 30-year, fixed-rate mortgage dropping to 6.76%, down from 6.81% last week, according to Freddie Mac’s Primary Mortgage Market Survey (PMMS).
A year ago at this time the average rate for a 30-year was 7.22%
“Mortgage rates again declined this week,” says Sam Khater, chief economist for Freddie Mac, in a statement. “In recent weeks, rates for the 30-year fixed-rate mortgage have fallen even lower than the first quarter average of 6.83 percent.”
The average rate for a 15-year fixed-rate mortgage was 5.92%, down from 5.94% last week and down from 6.47% a year ago.
Samir Dedhia, CEO of One Real Mortgage, says although the decrease was modest, it indicates “a potential stabilization in the mortgage market following recent volatility.”
“The recent fluctuations in mortgage rates have been influenced by various factors, including investor reactions to proposed tariffs and their potential impact on inflation,” Dehia says in a statement. “These concerns have created turbulence in the bond markets, leading to corresponding shifts in mortgage rates. While rates have edged down this week, the broader economic landscape remains uncertain, and future rate movements will likely depend on developments in trade policy and inflation trends.”
“For consumers, the current dip in rates presents an opportunity to secure more favorable borrowing terms,” Dedhia adds. “Prospective homebuyers and those considering refinancing should stay informed about market trends and consult with mortgage professionals to navigate this dynamic environment effectively. With rates still below the 7 percent threshold for the 14th consecutive week, it’s a promising time for those looking to enter the market or refinance existing loans.”
Photo: Declan Sun