Freddie Mac Reports Mortgage Rates Drop to 11-Month Lows as Homebuyers and Borrowers Breathe Sigh of Relief
After months of waiting, homebuyers and existing borrowers can finally take advantage of lower mortgage rates as Freddie Mac reports a significant drop in the average 30-year, fixed-rate mortgage.
According to Freddie Mac's latest Primary Mortgage Market Survey released on September 5th, the average 30-year, fixed-rate mortgage has dropped to 6.50%, the lowest level in 11 months. This is great news for homebuyers and existing borrowers who have been eagerly awaiting some mortgage-rate relief.
The benchmark rate has decreased by six basis points from the previous week, where it was at 6.56%. This is a significant drop and shows that the market is finally responding to the Federal Reserve's potential rate cuts.
"Mortgage rates continued the summer swoon due to weaker economic data," said Sam Khater, Freddie Mac's Chief Economist, in a statement. "While economic growth is clearly slowing due to rising manufacturing and trade headwinds, economic fundamentals https://www.rismedia.com/2025/09/08/mortgage-rates-drop-to-11-month-lows-as-market-eyes-fed-rate-cuts/