Mortgage rates to fall to lowest levels since September 2022 – giving housing market ‘much-needed boost’

The numbers are: Mortgage rates fell, as the US economy showed signs of cooling.

The 30-year fixed-rate mortgage averaged 6.15% on January 19, according to records released by Freddie Mac
FMCC,
-3.44%

on Thursday.

It is down 15 basis points from last week – one basis is equal to one hundredth of a percent.

Last week, the 30-year was at 6.33%. Last year, the 30-year yield was 3.56%.

Prices are at their lowest level since September 2022.

The rate on a 15-year mortgage dropped to 5.28%.

As prices fall, buyers and homeowners are eagerly awaiting a break that is coming in a hurry. various reports by the Mortgage Bankers Association.

What are they saying? “As inflation continues to decline, mortgage rates were lowered again this week,” Sam Khater, chief economist at Freddie Mac, said in a statement.

“The reduction in rates is providing a much-needed boost to the housing market, but housing supply remains a concern,” he added.

Market response: The yield on the 10-year Treasury note
TMUBMUSD10Y,
3.412%

down 3.4% during midday trading on Thursday.

Have thoughts on the real estate market? Letter to MarketWatch reporter Aarthi Swaminathan p aarthi@marketwatch.com

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