Mortgage Rates Drop as Inflationary Pressures Recede


Mortgage rates trended down for a third straight week, with the average rate for a 30-year, fixed-rate falling to 7.44%, down from last week when it averaged 7.5%, according to Freddie Mac’s Primary Mortgage Market Survey.

A year ago at this time, the average rate for a 30-year was 6.61%.

“For the third straight week, mortgage rates trended down, as new data indicates that inflationary pressures are receding,” says Sam Khater, chief economist for Freddie Mac, in a statement. “The combination of continued economic strength, lower inflation and lower mortgage rates should likely bring more potential homebuyers into the market.”

The average rate for a 15-year fixed-rate mortgage was 6.76%, down from 6.81% last week but up from 5.98% a year ago.

Photo: Alison Pang

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