The interest rate for the 30-year fixed-rate mortgage averaged 6.15% this week, according to Freddie Mac, continuing its decline from a peak of 7.08% in mid-November. Monthly mortgage payments have fallen about $300 per month in that time, says Nadia Evangelou, senior economist and director of forecasting for the National Association of REALTORS®. And that could bring more home buyers back into the market.
Though mortgage rates are still more than double what they were a year ago, less severe swings in borrowing costs lately could bring more calmness to the housing market. Plus, mortgage rates may drop even further in the coming weeks.
Freddie Mac reports the following national averages with mortgage rates for the week ending Jan. 19:
- 30-year fixed-rate mortgages: averaged 6.15%, further dropping from last week’s 6.33% average. A year ago, rates averaged 3.56%.
- 15-year fixed-rate mortgages: averaged 5.28%, falling from last week’s 5.52% average. A year ago, 15-year rates averaged 2.79%.
Though mortgage rates are still more than double what they were a year ago, less severe swings in borrowing costs lately could bring more calmness to the housing market. Plus, mortgage rates may drop even further in the coming weeks.
Sergio Lucena 561 288 0907