Average rate on a 30-year mortgage eases to 6.46%, the lowest level in 15 months
The average rate on a 30-year mortgage eased this week to its lowest level in 15 months
ByALEX VEIGA AP business writer
August 22, 2024, 11:00 AM
The average rate on a 30-year mortgage eased this week to its lowest level in 15 months, welcome relief for home shoppers navigating a housing market that remains out of reach for many Americans.
The rate fell to 6.46% from 6.49% last week, mortgage buyer Freddie Mac said Thursday. A year ago, the rate averaged 7.23%.
The average rate is now the lowest it’s been since mid-May last year, when it was 6.39%.
Borrowing costs on 15-year fixed-rate mortgages also fell this week, good news for homeowners seeking to refinance their home loan at a lower rate. The average rate fell to 5.62% from 5.66% last week. A year ago, it averaged 6.55%, Freddie Mac said.
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