Mortgage rates continued to drop, with 30-year fixed-rate mortgages averaging 6.09%, down from 6.20% last week, according to Freddie Mac’s latest survey. This decline has spurred an increase in both purchase and refinance demand. The 15-year fixed-rate mortgage also fell to 5.15%. While the recent Federal Reserve rate cut of 50 basis points doesn’t directly affect mortgage rates, Sam Khater, Freddie Mac’s Chief Economist, noted that further reductions could boost housing market activity as rates continue to drop.
