Mortgage rates inched down during the week ended Feb. 2, with the average rate for a 30-year fixed-rate mortgage falling to 6.09%, down from 6.13% the previous week, according to Freddie Mac’s Primary Mortgage Market Survey.
“Mortgage rates inched down again, with the 30-year fixed-rate down nearly a full point from November, when it peaked at just over seven percent,” says Sam Khater, chief economist for Freddie Mac, in a release. “According to Freddie Mac research, this one percentage point reduction in rates can allow as many as three million more mortgage-ready consumers to qualify and afford a $400,000 loan, which is the median home price.”
A year ago at this time, the average rate for a 30-year was 3.55%.
The average rate for a 15-year fixed-rate mortgage was 5.14%, down from 5.17% the previous week.
A year ago at this time, the average rate for a 15-year was 2.77%.