After rising slightly last week, mortgage rates ticked back down this week, with the average rate for a 30-year fixed-rate mortgage falling to 6.63%, down from 6.69%, according to Freddie Mac ’s Primary Mortgage Market Survey.
A year ago at this time, the average rate for a 30-year was 6.09%.
“Although affordability continues to impact homeownership, the combination of a solid economy, strong demographics and lower mortgage rates are setting the stage for a more robust housing market,” says Sam Khater, chief economist for Freddie Mac, in a statement.
“Mortgage rates have been stable for nearly two months, but with continued deceleration in inflation we expect rates to decline further. The economy continues to outperform due to solid job and income growth, while household formation is increasing at rates above pre-pandemic levels. These favorable factors should provide strong fundamental support to the market in the months ahead.”
As of Feb. 1, the average rate for a 15-year fixed-rate mortgage was 5.94%, down from 5.96% last week.
A year ago at this time, the average rate for a 15-year was 5.14%.
Photo: Alison Pang
