Mortgage Rates Drop To 15-Month Low
✉️ Want to forward this article? Click here.
Homebuyers are likely rejoicing given last week's news on mortgage rates.
On Thursday, Freddie Mac reported 6.47% as the average on a 30-year mortgage, down 26 basis points from last week. It is the lowest rates have been since the beginning of last summer, and nearly 50 basis points lower than August 2023.
story continues below
loading...story continues above
“Mortgage rates plunged this week to their lowest level in over a year following the likely overreaction to a less than favorable employment report and financial market turbulence for an economy that remains on solid footing," said Sam Khater, Freddie Mac’s Chief Economist. "The decline in mortgage rates does increase prospective homebuyers’ purchasing power and should begin to pique their interest in making a move."
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/mortgage_rates_drop_to_15-month_low/22587.
Most Popular... This Week • Last 30 Days • Ever
![Five Red Flags to Look For During Condo Document Review](https://assets.urbanturf.com/dc/images/blog/2023/09/resized/1309rst550_image_560x420.jpeg)
In this edition of First-Timer Primer, we review five potential red flags you may enc... read »
![Mayor Bowser Announces First Office-To-Residential Projects To Receive Tax Abatements](https://assets.urbanturf.com/dc/images/blog/2024/09/resized/1625-mass-1_image_560x420.jpg)
The three office-to-residential conversion projects have been conditionally awarded t... read »
![16-Story, 325-Unit Building Pitched For Arlington's Wilson Boulevard](https://assets.urbanturf.com/dc/images/blog/2024/09/resized/2500-wilson-1_image_560x420.jpg)
The new project will take the place of an obsolete office building in Courthouse.... read »
![500 Apartments, Live/Work Units And A Park: The New Plans Coming To St. Elizabeths](https://assets.urbanturf.com/dc/images/blog/2024/09/resized/parcel-6-park_image_560x420.jpg)
The plans for one of the final parcels at DC's St. Elizabeth's East campus are beginn... read »
![A 400-Unit Office-To-Residential Conversion Pitched in DC's West End](https://assets.urbanturf.com/dc/images/blog/2024/09/resized/1379%202100%20M%20Cam%2001%20Final_image_560x420.jpeg)
Post Brothers purchased the building at 2100 M Street last year.... read »
- Five Red Flags to Look For During Condo Document Review
- Mayor Bowser Announces First Office-To-Residential Projects To Receive Tax Abatements
- 16-Story, 325-Unit Building Pitched For Arlington's Wilson Boulevard
- 500 Apartments, Live/Work Units And A Park: The New Plans Coming To St. Elizabeths
- A 400-Unit Office-To-Residential Conversion Pitched in DC's West End
DC Real Estate Guides
Short guides to navigating the DC-area real estate market
We've collected all our helpful guides for buying, selling and renting in and around Washington, DC in one place. Start browsing below!
First-Timer Primers
Intro guides for first-time home buyers
Unique Spaces
Awesome and unusual real estate from across the DC Metro