US Fixed-Rate Mortgages Continue to Decline in the Week Ending September 19th

Freddie Mac has released its Primary Mortgage Market Survey® for the week ending Thursday, September 19th.

The 30-year fixed-rate mortgage averaged 6.09%, down from last week when it averaged 620%. A year ago at this time, the 30-year rate averaged 7.19%.

The 15-year fixed-rate mortgage averaged 5.15%, down from last week when it averaged 5.27%. A year ago at this time, the 15-year rate averaged 6.54%.

Commenting on the results of this week’s survey, Freddie Mac Chief Economist Sam Khater said,

“Mortgage rates continued declining towards the 6% mark, reviving purchase and refinance demand for many consumers. While mortgage rates do not directly follow moves by the Federal Reserve, this first cut in over four years will have an impact on the housing market. Declining mortgage rates over the last several weeks indicate this cut was mostly baked in, but we expect rates to fall further, sparking more housing activity.”