MCLEAN, Va.--The 30-year fixed-rate mortgage dropped markedly this past week to 6.35%, Freddie Mac reported.
“The 30-year fixed-rate mortgage fell 15 basis points from last week, the largest weekly drop in the past year,” said Sam Khater, Freddie Mac’s chief economist. “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.”
The 30-year FRM averaged 6.35% as of Sept. 11, down from last week when it averaged 6.50%. A year ago at this time, the 30-year FRM averaged 6.20%. The 15-year FRM averaged 5.50%, down from last week when it averaged 5.60%. A year ago at this time, the 15-year FRM averaged 5.27%, Freddie Mac stated.