Mortgage rates fell this week to the lowest levels in over a year and a half, but elevated rates and high home prices are still keeping would-be buyers and sellers out of the housing market.
Freddie Mac's latest Primary Mortgage Market Survey, released Thursday, showed that the average rate on the benchmark 30-year fixed mortgage dropped to 6.20%, down from the 6.35% reading of the past two weeks. The average rate on a 30-year loan was 7.18% a year ago.
"Mortgage rates have fallen more than half a percent over the last six weeks and are at their lowest level since February 2023," said Sam Khater, Freddie Mac’s chief economist.