The average rate on a 30-year mortgage fell this week to its lowest level since early February, easing borrowing costs for prospective homebuyers facing record-high home prices.
FILE - A for sale sign stands outside a single-family home June 27, 2024, in Englewood, Colo. On Thursday, Aug. 1, 2024, Freddie Mac reports on this week's average U.S. mortgage rates. – The average rate on a 30-year mortgage fell this week to its lowest level since early February, easing borrowing costs for prospective homebuyers facing record-high home prices.
The rate fell to 6.73% from 6.78% last week, mortgage buyer Freddie Mac said Thursday. A year ago, the rate averaged 6.9%.Borrowing costs on 15-year fixed-rate mortgages, popular with homeowners refinancing their home loans, also fell this week, pulling the average rate down to 5.99% from 6.07% last week. A year ago, it averaged 6.25%, Freddie Mac said. After jumping to a 23-year high of 7.79% in October, the average rate on a 30-year mortgage has mostly hovered around 7% this year — more than double what it was just three years ago. The elevated mortgage rates, which can add hundreds of dollars a month in costs for borrowers, have discouraged home shoppers, extending the nation’s housing slump into its third year. Sales of previously occupied U.S. homesAnd sales of new single-family homes fell last month to the slowest annual pace since November. Copyright 2024 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission.
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Average rate on a 30-year mortgage falls to 6.73%, lowest level since early FebruaryThe average rate on a 30-year mortgage fell this week to its lowest level since early February, easing borrowing costs for prospective homebuyers facing record-high home prices. The rate dropped to 6.73% from 6.78% last week, mortgage buyer Freddie Mac said Thursday. A year ago, the rate averaged 6.9%. After jumping to a 23-year high of 7.
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Average rate on a 30-year mortgage falls to 6.73%, lowest level since early FebruaryThe average rate on a 30-year mortgage fell this week to its lowest level since early February, easing borrowing costs for prospective homebuyers facing record-high home prices.
Read more »