There was almost any movement in mortgage rates this week, but long-term notes fell to the lowest levels that Americans have seen since 2022.
In the most recent Primary Mortgage Market Survey, which was published on Thursday, Freddie Mac revealed that the average rate on the benchmark 30-year fixed mortgage decreased to 6.08%, which is a slight decrease from the previous week’s reading of 6.09%.
A year ago, the average interest rate on a loan with a term of thirty years was 7.31 percent.
The chief economist for Freddie Mac, “the 30-year fixed-rate mortgage trended down to its lowest level in two years,” despite the fact that this week’s fall was rather minor.
“Given the downward trajectory of rates, refinance activity continues to pick up, creating opportunities for many homeowners to trim their monthly mortgage payment,” Khater stated in an interview.
“Meanwhile, many looking to purchase a home are playing the waiting game to see if rates decrease further as additional economic data is released over the next several weeks.”
A significant number of prospective buyers and sellers are waiting to see if interest rates continue to decline. According to a poll conducted by Zillow, over eighty percent of mortgage holders currently have a rate that is lower than five percent.