The 30-year fixed-rate mortgage averaged 6.35% as of Sept. 11, its lowest level since last October.
According to the Primary Mortgage Market Survey (PMMS) published by Freddie Mac (OTCQB: FMCC), this week’s mortgage rate is down from last week when it averaged 6.50%. A year ago at this time, it averaged 6.20%.
The 15-year fixed-rate mortgage averaged 5.50%, down from last week when it averaged 5.60%. A year ago at this time, it averaged 5.27%.
“The 30-year fixed-rate mortgage fell 15 basis points from last week, the largest weekly drop in the past year,” said Sam Khater, Freddie Mac’s chief economist. “Mortgage rates are headed in the right direction and homebuyers have noticed, as purchase applications reached the highest year-over-year growth rate in more than four years.”
Still need lower housing, insurance rates, and caps on top of it!
2.75-3% 4 years ago and Biden Failed policies more than doubled it and we are now at 6.2% still double due to the Left FED Agenda and we are supposed to be excited?! Get the FED on track like the EU and Switzerland at 2% vs our Fed’s 4.5+% !
Look at the history of mortgage interest rates. 2%-3% was an anomaly, it is not the bar to compare to.
AND it had nothing to do with any POTUS policy. The Feds held rates to combat inflation, just as the EU’s Central bank is doing, even though EU’s inflation rate has since dropped below U.S. inflation, which initially under Biden was below the EU’s.
This site won’t let me post a graph, you can fact check via European Central Bank, and of course all the typical U.S. sources – Fed Bank, BLS,…
u do understand that someone had to screw up economy very badly to get the interest rate low. however, three will be another chance to have abnormally low interest rate. Don is in the house.
Agreed! Those low rate back when Mr. Trump had his first term! Mr. J Powell has TDS so bad that he refuses to lower the rates and he is hurting the American people. It’s terrible that HATE can do this!
Get a life buddy. You have no idea what you’re talking about. You have to look no further than to the guy in the White House.
The traditional rate that the banks and vendor were happy with was at 5% or slightly below.
A little lower please.
Home prices need to come down now!
I remember my parents buying a home and paying cash to mortgage (giving the sellers their equity) to assume the seller’s loan and get their rate. Mortgage rates have gone as high as 18.63% in October 1981.
Of course, the price of the home was probably $20,000.