Mortgage rates fell to the lowest level since October 2024, mortgage buyer Freddie Mac said Thursday.
Freddie Mac’s latest Primary Mortgage Market Survey, released Thursday, showed the average rate on the benchmark 30-year fixed mortgage fell to 6.5% from last week’s reading of 6.56%.
The average rate on a 30-year loan was 6.35% a year ago.
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“Mortgage rates continue to trend down, increasing optimism for new buyers and current owners alike,” said Sam Khater, Freddie Mac’s chief economist. “As rates continue to drop, the number of homeowners who have the opportunity to refinance is expanding. In fact, the share of market mortgage applications that were for a refinance reached nearly 47%, the highest since October.”
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Meanwhile, the average rate on the 15-year fixed mortgage fell to 5.6% from last week’s reading of 5.69%. One year ago, the rate on the 15-year fixed note averaged 5.47%.
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