Average 30-Year Mortgage Rate Hits Lowest Level in Two Years
Current Mortgage Rates Overview
The average 30-year mortgage rate has dipped to 6.08%, a significant decline from last week's rate of 6.09%. In contrast, this time last year, the rate was much higher at an average of 7.31%. Such changes have profound implications for buyers looking to secure financing to purchase a home.
15-Year Fixed Rates
Additionally, rates on 15-year fixed mortgages have experienced a marginal rise, moving up to 5.16% from 5.15%. Understanding these trends is essential for potential homebuyers as they assess their financial strategies in a fluctuating market.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.