US 30-Year Mortgage Rate Hits Lowest Level Since February 2023
Mortgage Rates Drop to their Lowest Level Since February 2023
Freddie Mac has released its Primary Mortgage Market Survey® (PMMS) for the week ending Thursday, September 12th.
The 30-year fixed-rate mortgage averaged 6.20%, down from last week when it averaged 6.35%. A year ago at this time, the 30-year rate 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, the 15-year rate averaged 6.51%.
Commenting on the results of this week’s survey, Freddie Mac Chief Economist Sam Khater said,
“Mortgage rates have fallen more than half a percent over the last six weeks and are at their lowest level since February 2023. 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.”
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