The average rate for a 30-year fixed-rate mortgage is now 6.63%, down from 6.72% last week, Freddie Mac annouced. This marks the lowest level for the 30-year rate since April. A year ago, the rate was 6.47%. The 15-year fixed-rate mortgage is now at 5.75%, compared to 5.85% last week and 5.63% at this time last year.
Freddie Mac’s Chief Economist Sam Khater said the decline in rates is increasing homebuyers’ purchasing power and noted that buyers can save thousands by getting quotes from multiple lenders.
