Mortgage rates are continuing the downward trend that began last month but remain high enough to trouble prospective buyers.
The average weekly rate for a 30-year fixed-rate mortgage hit 6.87 percent for the week ending Feb. 12, the fourth consecutive weekly decline, according to data from Freddie Mac. The rate reached “its lowest level thus far in 2025,” said Sam Khater, chief economist at Freddie Mac.
“Recent mortgage rate stability is benefitting potential buyers, as purchase demand is stronger than this time last year. This is an indication that a thaw in buyer activity could be on the horizon,” Khater said.
Despite the four weeks of decline, the 30-year rate is still close to 7 percent, continuing pressure on prospective homebuyers. Roughly four years ago, rates were below 3 percent.
Lisa Sturtevant, chief economist at real estate data company Bright MLS, advises buyers not to attempt to “time” their home purchase so as to get the lowest possible rates, according to a Feb. 13 commentary. […]
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