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Mortgage Rates Fall For First Time In 9 Weeks

  • 1:11 PM EDT

by UrbanTurf Staff

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Mortgage rate chart_10-22-26.png

Long-term mortgage rates fell on Thursday for the first time in over two months.

The 30-year fixed-rate mortgage averaged 7.32% this week, down 8 basis points from last week, according to Freddie Mac’s latest Primary Mortgage Market Survey. A year ago, the 30-year averaged 6.19%.

While it was the first time that rates dropped in nine weeks, they will likely need to drop further to encourage buyers to get off the sidelines. Pending home sales fell to their lowest level on record in September as rates remain above 7%.

This article originally published at https://dc.urbanturf.com/articles/blog/mortgage_rates_fall_for_first_time_in_9_weeks/25125.

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