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Long-Term Mortgage Rates Drop Again, Edge Closer to 6%

  • February 2nd 2023

by UrbanTurf Staff

Mortgage rate chart_02-02-23.png

Another week, another drop for mortgage rates. 

Freddie Mac reported 6.09% as the average on a 30-year mortgage on Thursday, down four basis points from last week. Rates are now a full point lower than they were in November. 

“According to Freddie Mac research, this one percentage point reduction in rates can allow as many as three million more mortgage-ready consumers to qualify and afford a $400,000 loan, which is the median home price,” said Sam Khater, Freddie Mac’s Chief Economist.

The UrbanTurf Mortgage Rate Disclaimer: The rates reported by Freddie Mac for 30-year mortgages are usually the best rates that the most qualified borrowers can get, so borrowers or those considering refinancing should not necessarily read this news and think that they can go out and get a loan with the quoted interest rate.

See other articles related to: interest rates, mortgage rates

This article originally published at https://dc.urbanturf.com/articles/blog/long-term_mortgage_rates_drop_again_edge_closer_to_6/20578.

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