04.09.202516:04:34UTC+00US 30-Year Mortgage Rate Drops to October Lows

As of September 4th, Freddie Mac reports that the average rate on a 30-year fixed mortgage has decreased by 6 basis points from the previous week, bringing it to 6.5%. This marks the lowest level since mid-October. "The downward trend in mortgage rates is fostering optimism among both new buyers and current homeowners," stated Sam Khater, Freddie Mac’s chief economist. "With ongoing declines, more homeowners gain the opportunity to refinance. In fact, refinance applications now make up nearly 47% of the total mortgage applications, the highest proportion since October."