The average rate on a 30-year fixed mortgage dropped to 6.2% as of September 12th, reaching its lowest level since February 2023, according to Freddie Mac. This drop reflects declining long-term Treasury yields as the Federal Reserve is anticipated to begin its rate-cutting cycle amid signs of a cooling labor market, with Fed officials Christopher Waller and John Williams expressing support for a cut in next week’s meeting. In the same period last year, the rate on a 30-year benchmark mortgage was 7.18%. “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. “Rates continue to soften due to incoming economic data that is more sedate. But despite the improving mortgage rate environment, prospective buyers remain on the sidelines, as they negotiate a combination of high house prices and persistent supply shortages.”. source: Freddie Mac
30 Year Mortgage Rate in the United States decreased to 6.20 percent in September 11 from 6.35 percent in the previous week. 30 Year Mortgage Rate in the United States averaged 7.72 percent from 1971 until 2024, reaching an all time high of 18.63 percent in October of 1981 and a record low of 2.65 percent in January of 2021. This page includes a chart with historical data for the United States 30 Year Mortgage Rate. United States 30-Year Mortgage Rate - data, historical chart, forecasts and calendar of releases - was last updated on September of 2024.
United States 30-Year Mortgage Rate
The Primary Mortgage Market Survey (PMMS) is focused on conventional, conforming, fully amortizing home purchase loans for borrowers who put 20 percent down and have excellent credit. Average commitment rates should be reported along with average fees and points to reflect the total upfront cost of obtaining the mortgage. The interest rate a lender would charge to lend mortgage money to a qualified borrower exclusive of the fees and points required by the lender. This commitment rate applies only to conventional financing on conforming mortgages with loan-to-value rates of 80 percent or less.
| Actual | Previous | Highest | Lowest | Dates | Unit | Frequency | ||
|---|---|---|---|---|---|---|---|---|
| 6.20 | 6.35 | 18.63 | 2.65 | 1971 - 2024 | percent | Weekly |
News Stream
US 30-Year Mortgage Rate Drops to Lowest Level Since February 2023
The average rate on a 30-year fixed mortgage dropped to 6.2% as of September 12th, reaching its lowest level since February 2023, according to Freddie Mac. This drop reflects declining long-term Treasury yields as the Federal Reserve is anticipated to begin its rate-cutting cycle amid signs of a cooling labor market, with Fed officials Christopher Waller and John Williams expressing support for a cut in next week’s meeting. In the same period last year, the rate on a 30-year benchmark mortgage was 7.18%. “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. “Rates continue to soften due to incoming economic data that is more sedate. But despite the improving mortgage rate environment, prospective buyers remain on the sidelines, as they negotiate a combination of high house prices and persistent supply shortages.”.
2024-09-12
US 30-Year Mortgage Rate Remains at Over 1-Year Low
The average rate on a 30-year fixed mortgage held steady at 6.35% as of September 5th, remaining at its lowest level since mid-May 2023, according to Freddie Mac. This decrease aligns with falling long-term Treasury yields amid a softening labor market, as weaker-than-expected private job growth and rising job cuts fueled speculation of aggressive Fed rate cuts. In the same period last year, the rate on a 30-year benchmark mortgage was 7.12%. “Mortgage rates remained flat this week as markets await the release of the highly anticipated August jobs report,” said Sam Khater, Freddie Mac’s Chief Economist. “Even though rates have come down over the summer, home sales have been lackluster. On the refinance side however, homeowners who bought in recent years are taking advantage of declining mortgage rates in order to lower their monthly payments.”.
2024-09-05
US 30-Year Mortgage Rate Hits Over 1-Year Low
The average rate on a 30-year fixed mortgage remained relatively stable at 6.35% as of August 29, marking its lowest level since mid-May 2023, according to Freddie Mac. This decrease aligns with falling long-term Treasury yields amid market expectations of a Federal Reserve rate cut, though the extent remains uncertain due to recent signs of economic resilience. In the same period last year, the rate on a 30-year benchmark mortgage was 7.18%. “Mortgage rates fell again this week due to expectations of a Fed rate cut,” said Sam Khater, Freddie Mac’s Chief Economist. “Rates are expected to continue their decline and while potential homebuyers are watching closely, a rebound in purchase activity remains elusive until further declines are seen.”.
2024-08-29
