The average long-term U.S. mortgage rate has hit its lowest point in nearly three years.
According to the Federal Home Loan Mortgage Corporation, commonly known as Freddie Mac, the 30-year fixed-rate mortgage fell to 6.06% this week. That’s a decrease from last week’s 6.16%.
At this same time last year, the rate averaged 7.04%.
The last time the average rate was lower than it is now was on September 15, 2022, when it stood at 6.02%.
In addition, borrowing costs for 15-year fixed-rate mortgages, which are popular among homeowners refinancing their home loans, also dropped this week. The rate decreased to 5.38% from 5.46% last week.
