Mortgage rates fall to lowest level since 2022
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Mortgage rates have fallen to their lowest level since September 2022, with the average rate on a 30-year fixed mortgage dropping to 6.06% from 6.16% last week, according to Freddie Mac. This decline has led to increased purchase applications and refinancing activity, indicating a potential boost in housing market activity. Additionally, President Trump has ordered the Federal Housing Finance Agency to purchase $200 billion in bonds to help lower housing costs, while proposing a ban on institutional investors buying single-family homes. The average rate on a 15-year fixed mortgage also decreased to 5.38%.
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