January 19, 2023 2:47pm EST
Mortgage rates fall to lowest level since September
Average rate on a 30-year fixed mortgage is 6.15%
By Jay Spoehel FOXBusiness
Mortgage rates continued to fall this week to their lowest levels since September as the latest round of economic data showed signs that inflation is starting to cool.
The average rate on a 30-year fixed mortgage fell to 6.15% on Thursday from 6.33% last week, according to mortgage buyer Freddie Mac. A year ago, the average rate was 3.56%.
"As inflation continues to moderate, mortgage rates declined again this week," Freddie Mac chief economist Sam Khater said. "Rates are at their lowest level since September of last year, boosting both homebuyer demand and homebuilder sentiment."
"Declining rates are providing a much-needed boost to the housing market, but the supply of homes remains a persistent concern," Khater added.
Meanwhile, the average rate on a 15-year fixed mortgage fell to 5.28% from last week when it averaged 5.52%. A year ago, it averaged 2.79%.
The big rise in mortgage rates during the past year has throttled the housing market, with sales of existing homes falling for 10 straight months to the lowest level in more than a decade.
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https://www.foxbusiness.com/real-estate/mortgage-rates-fall-lowest-level-since-september
