Rates Fall To 6.60%
Mortgage rates have slipped to their lowest levels since May.
Officials at Freddie Mac reported Thursday that the 30-year fixed-rate mortgage averaged 6.60%, down from the week prior’s 6.66%. A year ago at this time, the 30-year FRM averaged 6.15%.
The 15-year fixed fell to 5.76% from 5.87%. A year ago, it averaged 5.28%.
“This is an encouraging development for the housing market and in particular for first-time homebuyers who are sensitive to changes in housing affordability,” said Sam Khater, Freddie Mac’s Chief Economist.
“However, as purchase demand continues to thaw, it will put more pressure on already depleted inventory for sale.”
Rates are the primary concern of most potential buyers, but the market remains crippled by ongoing stock shortages…