Freddie Mac: Mortgage Rates Continue to Fall in September

Mortgage rates continued to fall in September, reaching levels last seen two years ago.

According to Freddie Mac, the average rate for a 30-year fixed-rate mortgage decreased to 6.18%, down 32 basis points (bps) from August.

The 15-year fixed-rate mortgage fell even more sharply, dropping 42 basis points from August to 5.26%. Additionally, the 10-year Treasury rate fell by 23 basis points, from 3.98% in August to 3.75%.

According to the NAHB, the 30-year mortgage rate is likely to hover around 6% by the end of 2024, before falling to just below 6% in 2025.

The NAHB also forecasts additional easing by the Federal Reserve before the end of 2024.