Mortgage rates fall slightly to lowest level since February

Mortgage rates decreased a bit this week, remaining uncomfortably high for many would-be buyers but hitting their lowest point in months.

Freddie Mac’s latest Primary Mortgage Market Survey, released Thursday, showed that the average rate on the benchmark 30-year fixed mortgage fell to 6.73% this week from 6.78% last week. The average rate on a 30-year loan was 6.90% a year ago.

“Mortgage rates declined to their lowest level since early February,” said Sam Khater, Freddie Mac’s chief economist. “Expectations of a Fed rate cut coupled with signs of cooling inflation bode well for the market, but apprehension in consumer confidence may prevent an immediate uptick as affordability challenges remain top of mind.”

The average rate on the 15-year fixed mortgage dropped to 5.99% from 6.07% last week. One year ago, the rate on the 15-year fixed note averaged 6.25%.