Mortgage rates fall below 7%, but affordability remains a dream for many: Freddie Mac

Mortgage rates are back down below 7% this week. A 30-year fixed-rate mortgage averaged 6.94%, Freddie Mac reported. Rates for 30-year mortgages averaged 7.02% last week. Fixed rates for 15-year mortgages also declined, averaging 6.24%. This is down just slightly from last week when 15-year mortgage rates averaged 6.28%. Falling rates and an increasing housing inventory are bright spots in the housing market plagued by unaffordability the last few years.

Interest rates and housing prices are pushing prospective homebuyers with low incomes out of the buying market. Nearly one in five new mortgages went to families categorized as low income, another Redfin report found. During the height of the pandemic in 2020, low-income homebuyers accounted for 23.2% of new mortgages, showing a significant decline in buying power within the last few years.

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