Source: Fox Business —
Mortgage rates dropped further last week to the lowest level since September, creating more opportunities for homebuyers, according to Freddie Mac.
The average rate for a 30-year fixed-rate mortgage fell to 6.15% for the week ending Jan. 19, according to Freddie Mac’s Primary Mortgage Market Survey. This was a decrease from the previous week when it averaged 6.33% but remained significantly higher than last year when it was 3.56%.
The average rate for a 15-year mortgage was 5.28% last week, down from 5.52% the week before and up from 2.79% last year.
The steady decline in mortgage rates is “boosting both homebuyer demand and homebuilder sentiment,” Freddie Mac Chief Economist Sam Khater said in a statement.
“As inflation continues to moderate, mortgage rates declined again this week,” Khater said. “Declining rates are providing a much-needed boost to the housing market, but the supply of homes remains a persistent concern.”
If you are looking to take advantage of lower mortgage rates by refinancing your loan or are ready to shop for the best rate on a mortgage loan, consider visiting an online mortgage broker like Credible to compare rates, choose your loan term and get preapproved with multiple lenders at once.
