Mortgage rates fall to lowest level since February 2023

Published On Sep 12, 2024, 12:42 PM

Mortgage rates have dropped to their lowest level since February 2023, with the average rate on a 30-year fixed mortgage now at 6.2%, down from 6.35% the previous week, and significantly lower than the 7.18% rate recorded last year. The average rate for a 15-year fixed mortgage is currently 5.27%. Despite the decrease in rates, home sales are still sluggish mainly due to high home prices and a lack of available inventory. Some analysts suggest that potential buyers might be holding off in anticipation of further rate cuts from the Federal Reserve, expected due to recent economic indicators pointing to a slowing job market and cooling inflation.