M
ortgage rates have remained stable at a national average of 6.35% this week, but potential homebuyers are still hesitant to enter the market. Some individuals may be waiting for the Federal Reserve's next meeting to see if they will lower their benchmark interest rate. However, others are taking advantage of lower rates and increased housing inventory to start their home search early, anticipating a potential fall rush for homes. According to the Mortgage Bankers Association, mortgage applications for home purchases have risen by 3% in the latest week. Despite this increase, mortgage applications remain 4% below what they were a year ago. This could be due to rising home prices, which may be discouraging some potential buyers. Jessica Lautz, deputy chief economist at the National Association of REALTORS®, notes that at this week's average rate of 6.35%, a monthly mortgage payment on a $400,000 home (with a 20% down payment) would be $1,991.

    Freddie Mac reports the following national averages for mortgage rates for the week ending September 5:

    - 30-year fixed-rate mortgages: averaged 6.35%, the same as last week's average. A year ago, these rates averaged 7.12%.

    - 15-year fixed-rate mortgages: averaged 5.47%, down from last week's average of 5.51%. Last year at this time, these rates averaged 6.52%.