Mortgage Rates Tick Down
The average 30-year fixed mortgage rate (FRM) is dropping closer and closer to the expected 6.5% by the end of the year, currently at 6.56%. Down from last week’s 6.58%, signs are trending towards easing affordability for prospective homebuyers and loosening up market tensions currently affecting builders and sellers. While economic uncertainty is still a concern, lowering mortgage rates are heading closer to what they were this time last year at 6.35%.
According to Freddie Mac Chief Economist Sam Khater, “Mortgage rates are at a 10-month low.”
