Mortgage interest rates continued to decline this week, new data shows. Here are three questions to ask in response.
Homebuyers sitting on the sidelines may want to reconsider their plans.
Mortgage interest rates declined again this week, following a fall to an 11-month low just last week. Now at an average of 6.35% for 30-year terms, rates are at their lowest level in nearly a year. Last September, for example, they briefly hovered around the 6% mark before rising in the months after. By January 2025, they were over 7%, according to historic FreddieMac data.
Now, however, following a slow but steady decline over the summer, rates could be low enough to justify action. Before getting started and to better time an application, it can help to understand the dynamics behind this shift as well as the ways to take advantage while it’s available. Below, we’ll break down three important questions worth asking (and answering) to better inform next steps.
Start by seeing how low your current mortgage rate offers are here.3 mortgage interest rate questions to ask now
To better decide if now is the right time to act, buyers and owners considering a refinance should start by considering these three questions:Why do mortgage interest rates keep falling?
Mortgage interest rates are largely declining thanks to two primary factors: An assumption that the Federal Reserve will reduce rates when the central bank meets again next week and a cooling 10-year Treasury yield.
