Long-term mortgage rates continued their decline this week, reaching levels last seen in February 2023.
On Thursday, Freddie Mac announced that the average rate for a 30-year mortgage was 6.20%, a drop of 15 basis points from the previous week. A year ago, rates stood at 7.18%.
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“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.”
Brickfront Properties and Construction Mortgage Rate Disclaimer: The rates provided by Freddie Mac for 30-year mortgages typically represent the best available rates for highly qualified borrowers. Those looking to refinance or apply for a mortgage should not assume they can secure the quoted rate, as individual qualifications may vary.
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