The average U.S. 30-year fixed mortgage rate is 6.10% as of 29 January, remaining near a three-year low and down from 6.95% at the same time last year, according to Freddie Mac's Primary Mortgage Market Survey. The 15-year fixed rate averaged 5.49%, also below its year-ago level of 6.12%.
Freddie Mac's Chief Economist Sam Khater noted that the sustained lower rate environment is encouraging for potential buyers who had been waiting to enter the market. He stated that the combination of lower rates and strong income growth has driven a steady increase in purchase applications compared to the previous year. The data also shows a rise in refinance applications as homeowners move to secure lower payments.
