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Investing.com -- Freddie Mac (OTCQB:FMCC) reported Thursday that the 30-year fixed-rate mortgage (FRM) averaged 6.35%, marking the largest weekly drop in the past year.
The rate fell 15 basis points from last week’s average of 6.50%, according to the company’s Primary Mortgage Market Survey. However, the current rate remains higher than the 6.20% average recorded during the same period last year.
"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," said Sam Khater, Freddie Mac’s Chief Economist.
The 15-year FRM also decreased, averaging 5.50% this week, down from 5.60% last week. A year ago, the 15-year rate averaged 5.27%.
The declining mortgage rates come at a time when the housing market has been showing signs of increased buyer activity, as reflected in the growth of purchase applications.
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