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Mortgage rates This week fell again, hostage buyer Freddy Mac said on Thursday.
Freddy Mac’s latest primary mortgage market survey, released on Thursday, showed average rate on benchmark 30-year fixed mortgage 6.35% reading last week fell to 6.26%.
The average rate on a 30 -year loan was 6.09% a year ago.
A house for sale in the Capital Hill neighborhood of Washington, DC on 30 July 2024. (Photographer: Teeryni L. Cross / Bloomberg Getty Embolce / Getty Image)
“This week reappeaned the mortgage rates, inspired to refinance the owners of the house,” Freddy Mac Chief Economist Sam Khatar said. In fact, the part of the mortgage applications that were refinance reached about 60%, most since January 2022. ,
Only 28% of American homes now buy cheap power drops for cheap American domestic homes
A sign of a house for sale in Atlanta, Georgia. (Eliza Novelz / Bloomberg Getty Image / Getty Image)
Average rate on 15-year fixed mortgage Last week, reading 5.5% fell to 5.41%. A year ago, the rate on the 15-year fixed note was 5.15%.
The latest data of Freddy Mac comes a day after the Federal Reserve reduced the benchmark interest rate by 25 basis points by the Federal Reserve.
Following the Central Bank’s decision to cut rates for the first time since December 2024, the Federal Fund will sit on a new range of 4% to 4.25%. Amidst economic uncertainty, Fed cut off the unchanged rates in its first five meetings after unchanged.
The Federal Reserve Chair Jerome Powell speaks during a press conference, in Washington, DC, after releasing the statement of the Federal Open Market Committee in Washington, DC on September 17, 2025. (Reuters / Elizabeth Frontz / Reuters)
Fed dot plot This year shows two more interest rate cuts, estimating the Central Bank’s October and December policy meetings. This will leave the rate of federal funds in between 3.6% this year, within the range of 2.9% to 4.4%.
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Realtor.com senior economist Jiyi Joo said, “The rate of Federal Fund is expected to reach 3.0% by mid -2026, while Fed participants look at the policy slightly above 3% through 2028.” “This deviation can put pressure upwards at the mortgage rates, but for now, the borrowers are benefiting because the 30 -year mortgage rate has slipped at a 11 -month low.”
Fox Business’ Eric Rewel contributed to this report
