Mortgage rates fell below six percent this week, the lowest since September 2022.
The average rate for a 30-year fixed mortgage this week was 5.98 percent, the first time the average rate has dropped into the five percent range in nearly three years, Freddie Mac reported Thursday.
“This rate, combined with the improving availability of homes for sale, is meaningful and will drive more potential buyers into the market for spring homebuying season,” Freddie Mac said.
Mortgage rates peaked at 7.79 percent in October of 2023. When Trump took office in January, rates were around seven percent. Since May, rates have been steadily declining.
On the campaign trail in 2024, Trump frequently said that his administration would bring down mortgage rates to make homebuying more affordable.
“We’re going to bring it down very fast, we’re going to bring energy down. We will drive down the rates so you will be able to pay 2 percent again and we will be able to finance or refinance your homes drastically,” Trump said at a rally in Arizona.
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