Mortgage rates fall to 10-month low

Mortgage rates fell to a 10-month low, mortgage buyer Freddie Mac said Thursday. Freddie Mac's latest Primary Mortgage Market Survey, released Thursday, showed the average rate on the benchmark 30-year fixed mortgage fell to 6.56% from last week's reading of 6.58%. The average rate on a 30-year loan was 6.35% a year ago. ONLY 28% OF US HOMES NOW AFFORDABLE FOR TYPICAL AMERICAN HOUSEHOLD AS BUYING POWER DROPS "Purchase demand continues to rise on the back of lower rates and solid economic growth," said Sam Khater, Freddie Mac’s chief economist. "Though many potential homebuyers still face affordability challenges, consistently lower rates may provide them with the impetus to enter the market." TREASURY'S BESSENT SAYS FIXING HOUSING AFFORDABILITY CRISIS WILL BE ONE OF HIS 'BIG PROJECTS' THIS FALL Meanwhile, the average rate on the 15-year fixed mortgage is unchanged from last week's reading of 5.69%. One year ago, the rate on the 15-year fixed note averaged 5.51%. The welcome news of lower rates comes as a recent report from Realtor.com found that fewer than 30% of homes on the U.S. housing market are affordable for the average household.