Mortgage rates fall to lowest level since September 2022 — giving ‘much-needed boost’ to housing market

The numbers: Mortgage rates took a dip, as the U.S. economy shows signs of cooling off. 

The 30-year fixed-rate mortgage averaged 6.15% as of Jan. 19, according to data released by Freddie Mac
on Thursday. 

That’s down 15 basis points from the previous week — one basis point is equal to one hundredth of a percentage point. 

Last week, the 30-year was at 6.33%. Last year, the 30-year was averaging at 3.56%

Rates are now at the lowest level since September 2022.

The average rate on the 15-year mortgage fell to 5.28%.

As rates drop, buyers and homeowners who were eagerly waiting for a break are rushing in. Mortgage demand surged nearly 28% in early January after a dip in rates, according to a separate report by the Mortgage Bankers Association.

What are they saying? “As inflation continues to moderate, mortgage rates declined again this week,” Sam Khater, chief economist at Freddie Mac, said in a statement.

“Declining rates are providing a much-needed boost to the housing market, but the supply of homes remains a persistent concern,” he added.

Market reaction: The yield on the 10-year Treasury note
fell below 3.4% during the afternoon trading session on Thursday.

Got thoughts on the housing market? Write to MarketWatch reporter Aarthi Swaminathan at

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