The rate on a popular type of home loan declined this week as mortgage applications continued to climb.
The average 30-year mortgage rate was 6.35% as of Thursday, according to Freddie Mac ’s weekly primary mortgage market survey. That’s down from 6.39% last week.
Thursday’s rates are still higher than this time last year, when the average 30-year mortgage rate was 5.3%. However, rates have remained lower from their autumn peaks.
“This week’s decrease continues a recent sideways trend in mortgage rates, which is a welcome departure from the record increases of last year,” Sam Khater, Freddie Mac’s chief economist, said in a statement. “While inflation remains elevated, its rate of growth has moderated and is expected to decelerate over the remainder of 2023. This should bode well for the trajectory of mortgage rates over the long-term.”
