The 30-year fixed-rate mortgage rate dropped to 6.13 percent on Tuesday from 6.25 percent on Monday, hovering around three-year lows, according to Sept. 16 data from Mortgage Daily News.
Rates have previously been near the 6 percent level a few times since September 2022. During this period, the lowest level of 5.99 percent was hit in February 2023, and the highest, 8.03 percent, was hit in October 2023.
“The 30-year fixed-rate mortgage fell 15 basis points from last week, the largest weekly drop in the past year,” said Sam Khater, chief economist at Freddie Mac.
“Mortgage rates are headed in the right direction and homebuyers have noticed, as purchase applications reached the highest year-over-year growth rate in more than four years.”…