U.S. mortgage rates fell to their lowest levels in nearly two years. That’s the word from Freddie Mac, which released its latest data.
Freddie Mac reports the 30-year fixed mortgage rate averaged 6.20% for the week ending Sept. down from 6.35% last week. A year ago, mortgage rates averaged 7.18%.
Mortgage rates factor into home sales and the refinance market and higher rates impact housing-related activity.
“Mortgage rates have fallen more than half a percent over the last six weeks and are at their lowest level since February 2023,” said Sam Khater, Freddie Mac’s Chief Economist. “Rates continue to soften due to incoming economic data that is more sedate. But despite the improving mortgage rate environment, prospective buyers remain on the sidelines, as they negotiate a combination of high house prices and persistent supply shortages.”
Dayton-area home sales have been climbing recently. For example, local home and condo transactions have increased every month this year, including in July.
Local housing projects also continue to bubble up. For example, a major project is planned for Huber Heights.