Mortgage Rates See Significant Drop

In a surprising turn of events, Freddie Mac announced this Thursday that the average interest rate for 30-year fixed-rate mortgages has decreased to 6.76%, a notable drop from last week's 6.85%. This rate is the lowest observed since mid-December 2024, signaling a potentially opportune moment for prospective homebuyers.

Sam Khater, Freddie Mac's Chief Economist, highlighted the positive implications of this decline. "The recent drop in mortgage rates, coupled with a modest improvement in housing inventory, presents an encouraging scenario for those considering entering the housing market," Khater explained.

15-Year Fixed-Rate Mortgages Also Benefit

Not to be overlooked, the 15-year fixed-rate mortgage also experienced a decrease, averaging 5.94% this week, down from 6.04% the previous week. This parallel decline further underscores the favorable conditions currently shaping the mortgage landscape.