Mortgage rates are lower Fox Business

Mortgage rates eased slightly this week, still holding steady around the mid-6% range, while demand remains weak in the housing market.

Freddie Mac’s latest prime mortgage market study, released Thursday, showed that the average benchmark rate Fixed mortgage for 30 years it fell to 6.46% this week from 6.49% last week. The average rate on a 30-year loan was 7.23% a year ago.

A sign is posted in front of a home for sale on August 7, 2024 in San Rafael, California. (Justin Sullivan/Getty Images/Getty Images)

“Although mortgage rates have remained relatively flat over the past two weeks, weaker economic data suggests that rates will ease slightly by the end of the year,” said Sam Khater, Freddie Mac’s chief economist. “Earlier this month, rates fell and now linger just below 6.5%, which was not enough to motivate potential buyers. We expect rates will likely need to drop another percentage point to generate buyer demand.”

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The average 15-year fixed mortgage rate fell to 5.62% from 5.66% last week. A year ago, the 15-year fixed rate averaged 6.55%.