Mortgage rates have reached their lowest levels in nearly four years, according to the Federal Home Loan Mortgage Corporation, also known as Freddie Mac. The company reports that the average 30-year fixed rate is now just over six percent. This marks the lowest level since September 2022.
The reduced rate is applicable to both home purchases and refinancing, providing an opportunity for potential buyers and current homeowners alike.
Freddie Mac’s Chief Economist highlighted the significant increase in refinance application activity, noting that refinance application activity has more than doubled over the past year.
