Mortgage rates remained flat this week, with the 30-year fixed rate averaging 2.87%, according to new data from Freddie Mac.
This week's numbers represent a slight decrease from last year's rate at this time, which was 2.93% for a 30-year fixed. The 15-year fixed rate averaged 2.18%, up slightly from the week prior when it averaged 2.17%. At this tie last year, the 15-year rate was 2.42%.
"Economic growth and the acceleration in inflation have moderated in the last month, giving the markets comfort and leading to a stabilization in mortgage rates," said Sam Khater, Freddie Mac's Chief Economist. "Heading into the fall, home purchase demand is stable, home sales remain firm and above pre-pandemic levels, and inventory of unsold homes is tight but improving modestly. These factors will allow for home price pressures to ease over the remainder of the year."
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