US 30-Year Mortgage Rate Drops to October Lows

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The average rate on a 30-year fixed mortgage backed by Freddie Mac fell by 6 bps from the previous week to 6.5% as of September 4th, their lowest level since mid-October. “Mortgage rates continue to trend down, increasing optimism for new buyers and current owners alike. 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,” said Sam Khater, Freddie Mac’s chief economist.

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