Interest rates fell below the 7% mark this week, but still remained stubbornly high, according to Freddie Mac’s weekly survey of the mortgage market. Rates for a 30-year fixed rate mortgage dropped to 6.96%, the first decline in six weeks.
“While affordability challenges remain, this is welcome news for potential homebuyers, as reflected in a corresponding uptick in purchase applications,” said Sam Khater, Freddie Mac’s chief economist.
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Last week, interest rates reached 7.04% last week for the 30-year fixed rate mortgage for the first time since May 2024. A year ago, the 30-year fixed rate averaged 6.69%.
The 15-year fixed rate mortgage averaged 6.16% in this week’s survey, down from 6.27% last week and 5.96% a year ago.
