US 30-year fixed-rate mortgage averaged 6.09% as of 12 February, down from 6.11% the previous week and 6.87% one year ago, according to Freddie Mac.
The 15-year fixed-rate mortgage also declined, averaging 5.44%, down from 5.50% last week and 6.09% a year earlier.
Freddie Mac Chief Economist Sam Khater attributed the improved affordability to strong economic growth, a solid labor market and mortgage rates at three-year lows. He noted that these conditions have driven purchase application activity higher than the same period last year.
