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2h ago

Mortgage Rates Ease to 6.30% as Buyers Stay on the Sidelines

Fresh Fannie Mae polling points to broad economic gloom despite recent rate relief.

FILE - A development of new homes in Eagleville, Pa., is shown on April 28, 2023. (AP Photo/Matt Rourke, File)
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A construction worker works at a Lennar residential housing development called Junipers in San Diego, California, U.S., June 18, 2024. REUTERS/Mike Blake
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Overview

  • Freddie Mac said the 30-year fixed mortgage average slipped to 6.30% from 6.34% a week earlier, with the 15-year at 5.53%.
  • Fannie Mae’s September Home Purchase Sentiment Index held at 71.4, with 67% saying the economy is on the wrong track and 73% calling it a bad time to buy.
  • Redfin reported pending home sales fell 1.3% year over year in September, and the typical home took 48 days to go under contract, the longest for a September since 2019.
  • Mortgage Bankers Association data showed both purchase and refinance applications declined last week as many shoppers waited for further rate drops.
  • A government shutdown has delayed key economic releases, keeping rate movements narrow, while reports point to tepid hiring that is damping confidence.