Mortgage rates continued to decline in the latest its Primary Mortgage Market Survey published by Freddie Mac (OTCQB: FMCC).
The 30-year fixed-rate mortgage averaged 6.26% as of Sept. 18, down from last week when it averaged 6.35%. A year ago at this time, it averaged 6.09%.
The 15-year fixed-rate mortgage averaged 5.41%, down from last week when it averaged 5.50%. A year ago at this time, it averaged 5.15%.
“Mortgage rates decreased yet again this week, prompting many homeowners to refinance. In fact, the share of mortgage applications that were refinances reached nearly 60%, the highest since January 2022,” said Sam Khater, Freddie Mac’s chief economist.
