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Mortgage Rates Drop To Lowest Level Since Early 2023

  • September 12th 2024

by UrbanTurf Staff

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Long-term mortgage rates continued their descent this week, falling to levels not seen since February 2023. 

On Thursday, Freddie Mac reported 6.20% as the average on a 30-year mortgage, down 15 basis points from last week.  A year ago, long-term rates were at 7.18%

“Rates continue to soften due to incoming economic data that is more sedate," said Sam Khater, Freddie Mac’s Chief Economist. "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.”

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_lowest_level_since_early_2023/22705.

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