Rate Update: Understanding This Week’s Dip in Mortgage Rates

Here's the latest on mortgage rates:

Mortgage rates have dipped a bit, according to the latest update from Freddie Mac's Primary Mortgage Market Survey®.

The 30-year fixed-rate mortgage (FRM) now averages 7.09%, a slight drop from last week's 7.22%. However, it's still up from last year’s average of 6.35 percent at this time.

The 15-year FRM has also seen a small decrease, landing at 6.38% compared to last week's 6.47% and up from 5.75% a year ago.

Want to know how these recent changes affect your homebuying power? Let's talk!