Today's Mortgage Rates: A Slight Decline Brings New Hope for Homebuyers

If you’ve been keeping an eye on mortgage rates lately, there’s a bit of good news: they’ve dipped slightly. According to Freddie Mac's latest weekly report, the average rate for a 30-year fixed mortgage has slipped just under the 7% mark to 6.99%.

It’s a small change, but for potential homebuyers, every little bit counts.

Last week, the average rate for a 30-year fixed mortgage was just above 7%, so this week’s slight decline might offer a glimmer of hope for those looking to buy.

However, it's worth noting that both of these rates are still higher compared to this time last year, when the average was 6.71%.

Freddie Mac's Chief Economist, Sam Khater, shared some insights: "Mortgage rates retreated this week given incoming data showing slower growth. Rates are just shy of seven percent, and we expect them to modestly decline over the remainder of 2024." This suggests that while we might see some relief in the coming months, it might not be a dramatic drop.

The trend is similar for 15-year fixed-rate mortgages, which have also seen a slight decrease. This week, the average rate fell to 6.29%, down from 6.36% last week. Though these rates remain higher than last year’s average of 6.07%, they’re showing a gradual downward trend.

In summary, while mortgage rates are currently high compared to last year, the recent decline, although slight, is a positive sign. Potential buyers should stay informed and consider acting sooner rather than later to take advantage of these modestly lower rates.