Freddie Mac Mortgage Rates Drop But Continue to Be High

This week, mortgage rates decreased as uncertainty continued to obstruct the prognosis for the economy.

According to Freddie Mac's weekly poll, the average rate on a 30-year fixed-rate mortgage dropped to 6.66% for the week ending October 6.

The average rate over the past week was 6.7%.

The small drop in rates today ends a six-week increasing trend during which they rose by more than 1.5 percentage points.

This year's real estate market is quite different from what it was in 2020 and 2021 for prospective purchasers.

Since the first week of January, mortgage rates have more than quadrupled, and they are already at their highest level since 2007.


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