Mortgage Rates Fall To Lowest Level In Two Years

Mortgage rates have plummeted to their lowest level in two years, making it an excellent time to refinance or purchase a home. The average 30-year fixed mortgage rate has dropped to 3.75%.

This rate is a full percentage point lower than the same time last year, providing significant savings for borrowers. Homebuyers can now qualify for larger mortgages or pay less interest on their existing loans.

The lower mortgage rates have been driven by a combination of economic factors, including a slowdown in the housing market and a decrease in inflation.

Recommended read: Mortgage Brokers Are Predicting a Return to Lower Mortgage Rates.

The average 30-year mortgage rate has reached its lowest level in two years, averaging 5.89% as of Tuesday. This is a significant drop from 7.08% seen in July and 8.01% in October 2023.

Rates on 30-year fixed-rate mortgages have plunged 44 basis points since the end of August, making them the cheapest they've been since September 2, 2022. This is a full percentage point below July's high.

For your interest: Mortgage Interest Rates July 2024

For those looking to purchase a home, rates on 15-year mortgages have also sunk, landing below 5% for the first time since August 2022, with an average of 4.97%. This is far below last fall's historic 7.08% peak.

Here's a snapshot of current mortgage rates:

Jumbo 30-year rates have also declined, landing at 6.30%, their lowest mark since February 2023.

Mortgage rates have been on a downward trend, and it's great news for homebuyers and refinancers. The average 30-year fixed-rate mortgage rate has reached its lowest level in two years, averaging 6.08% as of Thursday.

This is a significant drop from 7.31% seen a year ago. In fact, 30-year mortgage rates have dropped more than a percentage point since May.

The current 30-year mortgage rate average is 5.89%, which is the cheapest level since September 2, 2022. Rates on 30-year fixed-rate new purchase mortgages have subtracted another 6 basis points Tuesday, declining to a 5.89% average.

Here are the current mortgage rate averages:

Jumbo 30-year rates have also declined, with an average of 6.30% - their lowest mark since February 2023.

The average 30-year mortgage rate has reached its lowest level in two years, averaging 6.08% as of Thursday, which is the lowest level since mid-September 2022.

This is a significant drop from 7.31% seen a year ago, and it's also down from 6.09% a week earlier. The downward trajectory of rates has led to a surge in refinance activity, creating opportunities for many homeowners to trim their monthly mortgage payment.

In fact, mortgage applications jumped to the highest level in more than two years last week, driven largely by refinancing volumes. The Mortgage Bankers Association's refinancing index jumped 20.3% in the week ended September 20, to the highest level since April 2022.

Here are some key mortgage rates to keep in mind:

These low mortgage rates are making it easier for homebuyers to enter the market, with many looking to purchase a home playing the waiting game to see if rates decrease further.