The 30-year fixed-rate mortgage has fallen to its lowest point in two years, averaging 6.08% as of September 26, 2024, according to Freddie Mac's Primary Mortgage Market Survey. The rate dropped slightly from last week's 6.09% and remains significantly lower than the 7.31% seen a year ago.
Freddie Mac’s Chief Economist, Sam Khater, noted that while the decline is minimal, the downward trend is encouraging more homeowners to refinance, aiming to reduce their monthly payments. At the same time, potential homebuyers are waiting to see if rates will fall further, with more economic data expected in the coming weeks.
Meanwhile, the 15-year fixed-rate mortgage averaged 5.16%, slightly higher than last week's 5.15% but down from 6.72% a year ago.
