US Mortgage Rates Fall to Lowest Level Since September 2022
Average 30-Year Fixed-Rate Mortgage Hits Another Low
On Thursday, Freddie Mac released its Primary Mortgage Market Survey for the week ending Thursday, February 19.
The 30-year fixed-rate mortgage averaged 6.01%, down from 6.09% the previous week. A year ago at this time, the 30-year rate averaged 6.85%.
The 15-year fixed-rate mortgage averaged 5.35%, down from 5.44% last week. A year ago at this time, the 15-year rate averaged 6.04%.
Commenting on this week’s survey, Freddie Mac Chief Economist Sam Khater said:
“Mortgage rates dropped again this week, now down to their lowest level since September of 2022. This lower rate environment is not only improving affordability for prospective homebuyers, it’s also strengthening the financial position of homeowners. Over the past year, refinance application activity has more than doubled, enabling many recent buyers to reduce their annual mortgage payments by thousands of dollars.”
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