Mortgage Rates Decline for Second Consecutive Week

Why it matters locally: The decline in mortgage rates could offer some relief to potential homebuyers in California, a state with some of the highest home prices in the nation. Lower rates may improve affordability, though housing inventory and overall market conditions remain significant factors.

---

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.