US 30-year fixed-rate mortgage drops to near 3-1/2-year low of 6.06%
WASHINGTON, Jan 15 (Reuters) - U.S. mortgage rates fell significantly this week after the Trump administration initiated purchases of mortgage-backed securities to boost housing affordability.
The average rate on the popular 30-year fixed-rate mortgage declined to 6.06%, the lowest level since September 2022, from 6.16% last week, mortgage finance agency Freddie Mac said on Thursday. It averaged 7.04% during the same period a year ago.
President Donald Trump last week ordered the Federal Housing Finance Agency - which oversees Freddie Mac and another mortgage finance giant Fannie Mae - to purchase $200 billion of bonds issued by the two companies.
FHFA Director William Pulte said last week they had started with a $3 billion initial round of purchases. Trump is under pressure to bring down costs, including for housing, as he and his fellow Republicans face a tough battle to retain control of the U.S. Congress in this year's mid-term elections.
Trump has also proposed banning institutional investors from buying single-family homes. The average rate on the 15-year fixed-rate mortgage fell to 5.38% from 5.46% in the prior week. It averaged 6.27% during the same period a year ago.
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