Mortgage rates continued to decline in the latest Primary Mortgage Market Survey published by Freddie Mac (OTCQB: FMCC).
The 30-year fixed-rate mortgage averaged 6.20% as of Sept. 12, down from last week when it averaged 6.35%. A year ago at this time, it averaged 7.18%.
The 15-year fixed-rate mortgage averaged 5.27%, down from last week when it averaged 5.47%. A year ago at this time, it averaged 6.51%.
“Mortgage rates have fallen more than half a percent over the last six weeks and are at their lowest level since February 2023,” said Sam Khater, Freddie Mac’s chief economist. “Rates continue to soften due to incoming economic data that is more sedate. But despite the improving mortgage rate environment, prospective buyers remain on the sidelines, as they negotiate a combination of high house prices and persistent supply shortages.”
Separately, new data from Redfin (NASDAQ: RDFN) found the median monthly housing payment was $2,558 during the four weeks ending Sept. 8, down 1.3% from one year ago to nearly where it was at the start of the year. Redfin noted the payment level would be lower had it not been for elevated home prices – the median home sale price is $388,085, up 3.7% year-over-year and a few thousand dollars below July’s all-time high.
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Great news about the mortgage interest rates trending DOWN – this could translate to increasing folks qualifying for loans and lending type appraisal requests increasing in the coming weeks!