MCLEAN, Va.--The 30-year fixed-rate mortgage fell this past week, dropping to an average of 6.26%, Freddie Mac reported.
“Mortgage rates decreased yet again this week, prompting many homeowners to refinance. In fact, the share of mortgage applications that were refinances reached nearly 60%, the highest since January 2022,” said Sam Khater, Freddie Mac’s chief economist.
The 30-year FRM averaged 6.26% as of Sept. 18, down from last week when it averaged 6.35%. A year ago at this time, the 30-year FRM averaged 6.09%. The 15-year FRM averaged 5.41%, down from last week when it averaged 5.50%. A year ago at this time, the 15-year FRM averaged 5.15%, Freddie Mac said.