Mortgage rates continued to decline this week, taking a little more pressure off America’s tight housing market as the Federal Reserve ramps up its efforts to keep the economy on an even keel.
The standard, 30-year fixed-rate mortgage averaged 6.09% in the week ended September 19, Freddie Mac said Thursday, down from last week’s 6.20% and substantially below a two-decade peak of 7.79% seen last fall. It’s the lowest level since early February 2023. The latest news on mortgage rates is an encouraging sign for buyers on the sidelines waiting for housing affordability to improve.
That led to the housing market languishing last fall — and right when a recovery began to take hold in early 2024, that momentum was cut short because the Fed was forced to keep rates on hold much longer than previously expected to tamp down lingering inflation pressures. Now, the entire US economy has begun a new chapter after the Fed delivered on Wednesday the first rate cut since the onset of the Covid-19 pandemic in early 2020.
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