30-year mortgage rate hits two-year low

Published On Sep 26, 2024, 12:16 PM

The average rate for a 30-year fixed mortgage has fallen to its lowest level in two years, now standing at 6.08%. This slight drop from the previous week (6.09%) is encouraging more potential buyers to enter the market. Moreover, there is a notable increase in refinancing applications as homeowners who secured higher rates previously contemplate lowering their monthly payments. The overall improvement in rates is prompting a sense of gradual confidence among buyers, although the market remains cautious due to still low activity levels.