Weekly Mortgage Rates Remain Steadfast As Housing Market Retains its Cool - NerdWallet

Mortgage rates had reached their halt point for the week ending Sept 5. Since last July, mortgage rates have dropped over one percentage point – and many are waiting for further reduction.The average 30-year fixed-rate mortgage averaged 6.277% this week versus its level from prior weeks. Mortgage rates barely moved last week as it was an unremarkable week with little market-moving economic data released. This week’s average was calculated a day prior to the release of August employment data, so explore mortgage options now and start working toward your homeownership dreams! Get personalized rates. Your lender matches are just a few questions away! What property type are you interested in buying/renting/leasing? Browse options such as single family home/townhouse/condo/multi-family home. Choose one to get started: single family home, townhouse, condominium multi-family or investment. When starting, no impact to credit scores expected since May. Get Started–Won’t affect credit Score and Rates Have Decreased Since Then! ***In May’s inaugural week the average 30-year mortgage rate stood at 7.32% which was almost 1% higher than it was this week four months later (7.32% in May!). In May’s opening week average 30-year mortgage averaged out at just over one percentage point higher. Get Started–Won’t affect credit Score! * Rates have dropped significantly since May starting out at just 4.99% than this week (4 months later.) Get Ready… rates have dropped significantly since May: the average 30-year loan was 7.32% — more than an entire one point lower now from what was set back then at 7.322% — much higher than it currently is today (7.32%!). In its debut week one began at 7.322% — more than one point higher. Timing was unfortunate: homebuying season typically runs between May and August and started out with rates exceeding 7%; these early rates made home purchasing too difficult for potential buyers who already struggled to find homes they could afford. Mortgage rates finally fell below 7% for the first time ever in June and continued their descent, yet buying activity remained subdued. Home Sales Take A BreakTo understand just how dull was this summer’s housing market, compare two existing home sales reports written five years apart from each other. As reported by the National Association of Realtors, 5.43 million homes were resold annually between July 2019 and 2024; 27% less were sold during that same time frame, suggesting the housing market is stagnant as sellers hold back and buyers hesitate to purchase homes. Realtor.com analysis of August sales indicates that “the housing market slowed significantly as buyers and sellers alike patiently await lower mortgage rate environments. “Sellers have shown patience and modesty by keeping their houses on the market and offering reduced asking prices when they don’t sell quickly, according to Realtor.com analysis. Potential buyers could also be waiting until rates come down further before purchasing. Forecasters at Fannie Mae and the Mortgage Bankers Association anticipate mortgage rates will fall approximately one half-percentage point during the second quarter of 2025 compared with today. That could bring relief both sellers and buyers in next year’s homebuying season.”