Mortgage rates fall to lowest level since February 2023

Published On Sep 12, 2024, 12:26 PM

Mortgage rates have decreased significantly, with the average 30-year fixed mortgage rate now at 6.2%, down from 6.35% last week, and a stark decline from 7.18% a year ago. This drop in rates comes ahead of a Federal Reserve decision on interest rates, which could be impacted by recent signs of a slowing job market and easing inflation. Despite lower rates, home sales remain sluggish due to high home prices and a shortage of available properties. Mortgage applications for home purchases have only seen a slight increase, while refinancing activity is still higher than last year, indicating limited opportunities for savings among borrowers with existing low-rate mortgages.