Mortgage rates fall to lowest level since February 2023

(CNN) – WASHINGTON – Mortgage rates fell this week to the lowest point since February 2023, in a welcome sign for Americans grappling with a tough housing market.The standard, 30-year fixed-rate mortgage averaged 6.20% in the week ended September 12, mortgage financing giant Freddie Mac said Thursday. That’s down from last week’s 6.35% and well below the two-decade high of 7.79% in October 2023.Mortgage rates started to drop early last month on news affirming lower interest rates in the future, specifically after a weaker-than-expected jobs report for July and have gradually edged lower since.Related Stories “Mortgage rates have fallen more than half a percent over the last six weeks and are at their lowest level since February 2023,” Sam Khater, Freddie Mac’s chief economist, said in a release. “Rates continue to soften due to incoming economic data that is more sedate. But despite the improving mortgage rate environment, prospective buyers remain on the sidelines, as they negotiate a combination of high house prices and persistent supply shortages.”Economic data pointing to slower inflation and a weakening job market have paved the way for the Federal Reserve to roll out the first interest-rate cut since 2020, slated for the central bank’s upcoming...