The 30-year fixed-rate mortgage (FRM) averages 6.26%, down from 6.35% the previous week, according to Freddie Mac. One year ago, the rate was 6.09%.
The 15-year FRM averages 5.41%, down from 5.50% the previous week and below the 5.15% recorded one year earlier. “Mortgage rates decreased yet again this week, prompting many homeowners to refinance. In fact, the share of mortgage applications that were refinances reached nearly 60%, the highest since January 2022,” says Sam Khater, Freddie Mac’s Chief Economist.
