Mortgage rates continue to fall

[Housing market interest rate concept]
J Studios/DigitalVision via Getty Images

Mortgage rates continued to trend down, increasing optimism in the market, according to [https://seekingalpha.com/pr/20221893-mortgage-rates-tumble] the latest Freddie Mac Primary Mortgage Survey.

30-year fixed-rate mortgages averaged 6.50% as of September 4, down from 6.56% in the previous week but higher than 6.35% in the year-ago period.

15-year fixed-rate mortgages averaged 5.60%, down from 5.69% last week and up from 5.47% a year ago.

"As rates continue to drop, the number of homeowners who have the opportunity to refinance is expanding. In fact, the share of market mortgage applications that were for a refinance reached nearly 47%, the highest since October," said Sam Khater, Freddie Mac's chief economist.

Here is a look at the mortgage rate movements in the last one year:
[https://www.freddiemac.com/pmms]
Source: Freddie Mac

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