If you’re looking to buy a house in the city or the suburbs but have found it challenging due to current mortgage rates, we have some good news for you.
According to Fox32Chicago, mortgage rates dropped this week to their lowest level since September 2022.
Buying a home just got more affordable
As reported by mortgage buyer Freddie Mac in its latest Primary Mortgage Market Survey released Thursday, the average rate on the benchmark 30-year fixed mortgage fell to 6.01%, down from last week’s rate of 6.09%.
Last year, the average rate for a 30-year loan was 6.85%. Additionally, the average rate on a 15-year fixed mortgage decreased to 5.35%, down from 5.44% the previous week.
It’s important to note that Mortgage rates are influenced by several factors, including the Federal Reserve and geopolitical events. While mortgage rates are not directly influenced by the Fed’s interest rate decisions, they closely follow the 10-year Treasury yield, which was around 4.08% as of Thursday afternoon.