Mortgage Rates Decline for Second Consecutive Week

Why it matters locally: Declining mortgage rates could offer some relief to potential homebuyers in Massachusetts, where housing costs are among the highest in the nation. This trend may slightly improve affordability in a competitive real estate market.

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MCLEAN, Va. — The average rate for a 30-year fixed-rate mortgage decreased to 6.65% this week, according to Freddie Mac's Primary Mortgage Market Survey (PMMS) released Wednesday. This marks the second consecutive week of declining rates. One week prior, the 30-year fixed-rate mortgage averaged 6.78%. A year ago at this time, the average rate stood at 6.94%. Freddie Mac also reported the average rate for a 15-year fixed-rate mortgage. This week, it measured 5.92%. Last week, the 15-year average was 6.09%, and one year ago, it was 6.31%. Sam Khater, Freddie Mac's Chief Economist, commented on the rate changes. "Mortgage rates decreased for the second consecutive week," Khater stated. He also noted, "This decline occurred as the 10-year Treasury yield also moved lower." Freddie Mac compiles the PMMS from a survey of lenders across the country. The survey includes various loan products with the most attractive interest rates and terms. The rates reported are averages and do not include fees and points, which can vary.