Mortgage rates hit their lowest level since September 2022, according to the latest Primary Mortgage Market Survey published by Freddie Mac (OTCQB: FMCC).
The 30-year fixed-rate mortgage averaged 6.01% as of Feb. 19, down from last week when it averaged 6.09%. A year ago at this time, it averaged 6.85%.
The 15-year fixed-rate mortgage averaged 5.35%, down from last week when it averaged 5.44%. A year ago at this time, it averaged 6.04%.
Sam Khater, Freddie Mac’s chief economist, observed, “This lower rate environment is not only improving affordability for prospective homebuyers, it’s also strengthening the financial position of homeowners. Over the past year, refinance application activity has more than doubled, enabling many recent buyers to reduce their annual mortgage payments by thousands of dollars.”
