The average rate on 30-year fixed-rate mortgages slid to 7.28% for the week ended Sept. 26, down from 7.38% the previous week, Freddie Mac reported. A year earlier, the rate was 8.16%.

The rate is the lowest it has been since the week of Feb. 16, 1996, when it averaged 6.94%.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.