Mortgage rates at lowest since Sept. 2022, but still over 6%

Mortgage rates fell to their lowest levels in more than three years after Pres. Trump ordered a $200 billion purchase of agency mortgage-backed securities, Freddie Mac said.

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Spreads were already tightening as Freddie Mac and Fannie Mae have increased the size of their respective retained portfolios in recent months. The announcement further narrowed the gap in anticipation.

It was a year ago at this time that the 30-year fixed rate mortgage peaked at 7.04%.

For Jan. 15, the product was at 6.06%, the Freddie Mac Primary Mortgage Market Survey said, down 10 basis points from 7 days prior. This is the lowest since Sept 15, 2022, when it was 6.02%; the week prior was the last time rates were under 6%. The week of Feb. 2, 2023, the rate was at 6.09%. It was at 6.09% again on…