30-Year mortgage rates fall to 7.24% in second straight week
Mortgage rates dropped again this week for home buyers.
The short version
- Freddie Mac, the government-backed mortgage company, reported a 7.24% average.
- That falls from 7.32% last week and 7.47% two weeks ago.
- Borrowing costs still sit well above last year's 6.17% mark.
Check your financing plans this week if you are looking to buy a home. The 30-year fixed-rate mortgage just fell for the second straight week, averaging 7.24% according to Freddie Mac, the government-backed mortgage company that tracks housing loans. That number is down from 7.32% last week and 7.47% two weeks ago, reaching the lowest level of the month.
Sam Khater, Freddie Mac's chief economist, said the dip is modestly boosting purchasing power for prospective buyers. Yet borrowing costs remain significantly higher than they were a year ago, when the 30-year average sat at 6.17%. For anyone shopping for a house or locking in a rate on a new mortgage, every fraction of a percentage point changes your monthly payment.
Even with the back-to-back declines, rates are far above the lows of recent years. Keep a close eye on your lender's quotes as the weekly surveys roll in. Sometimes waiting another week costs more than buying now.
