30-Year US Mortgage Rate Falls to Lowest Level in More Than Three Years
On Thursday, Freddie Mac released its Primary Mortgage Market Survey for the week ending Thursday, January 15.
The 30-year fixed-rate mortgage averaged 6.06%, down from 6.16% the previous week. A year ago at this time, the 30-year rate averaged 7.04%.
The 15-year fixed-rate mortgage averaged 5.38%, down from 5.46% last week. A year ago at this time, the 15-year rate averaged 6.27%.
Commenting on this week’s survey, Freddie Mac Chief Economist Sam Khater said:
“Late last week, mortgage rates dropped, driving the weekly average down to its lowest level in more than three years. The impacts are noticeable, as weekly purchase applications and refinance activity have jumped, underscoring the benefits for both buyers and current owners. It’s clear that housing activity is improving and poised for a solid spring sales season.”
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