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Investing.com -- Freddie Mac (OTCQB:FMCC) reported Thursday that the 30-year fixed-rate mortgage (FRM) averaged 6.30%, down from 6.34% last week.
The 15-year FRM also decreased, averaging 5.53% compared to 5.55% the previous week, according to the company’s Primary Mortgage Market Survey.
"Mortgage rates decreased this week," said Sam Khater, Freddie Mac’s Chief Economist. "Over the last few weeks, mortgage rates have settled in at their lowest level in about a year. There is growing evidence that homebuyers are digesting these lower rates and gradually are willing to move forward with buying a home, which is boosting purchase activity."
The current 30-year mortgage rate shows a slight decrease compared to the same period last year, when it averaged 6.32%. However, the 15-year FRM rate is higher than the 5.41% average recorded a year ago.
The lower rates appear to be having a positive effect on the housing market, with purchase activity showing signs of improvement as buyers respond to the more favorable borrowing conditions.
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