Falling mortgage rates mean for a busy spring homebuying season.
According to Fox Business, the average rate for a 30-year fixed-rate mortgage fell to 6.09% for the week ending Feb. 2, according to Freddie Mac’s Primary Mortgage Market Survey. This was a decrease from the previous week when it averaged 6.13% but the rate remained significantly higher than last year when it was 3.55%.
The average rate for a 15-year mortgage was 5.14% this week, down from 5.17% the week before and up from 2.77% last year.
The continued decline in mortgage rates has created significant savings that could open the housing market for homebuyers shut out by the expensive borrowing costs, according to Freddie Mac Chief Economist Sam Khater.