Mortgage rates fall to lowest level since February 2023

Published On Sep 12, 2024, 12:42 PM

Mortgage rates in the U.S. have dropped to their lowest level since February 2023. The average rate for a 30-year fixed mortgage is now 6.2%, down from 6.35% the previous week and significantly lower than 7.18% a year ago. The 15-year fixed mortgage rate also decreased to 5.27%. Despite these lower rates, many prospective buyers remain hesitant due to high home prices and persistent supply shortages, leading to a decline in home sales. The upcoming Federal Reserve interest rate decision is expected to further impact mortgage rates, with many hoping for additional decreases if the Fed reduces rates in response to a slowing job market and cooling inflation.