U.S. mortgage rates drop below 5% for the first time in 4 months

U.S. mortgage rates have continued their decline, falling below 5% for the first time since April.

U.S. mortgage rates have continued their decline, falling below 5% for the first time since April.

According to a survey released by Freddie Mac on Thursday, the 30-year fixed-rate mortgage has fallen to an average of 4.99%. Just one week ago, rates were averaging around 5.30%. This is the second week in a row that mortgage rates have fallen, and it also marks the sharpest drop in the cost of borrowing money for a home since early July.

Mortgage rates have been on a general upward climb for more than a year. This time last year, 30-year mortgages were hovering around 2.77%. Rates peaked in late June when they hit an average of 5.81%.

The 15-year fixed-rate mortgage has also dipped, from 4.58% last week to 4.26%. But once again, these rates are still significantly higher than this time last year, when a 15-year fixed-rate mortgage averaged at 2.10%.

Higher mortgage rates can make it more difficult for people to buy homes because a higher rate means a more expensive monthly payment, which can price some buyers out of the market.

https://www.nbcnews.com/business/real-estate/us-mortgage-rates-drop-below-5-percent-first-time-in-months-rcna41535


Post ID: 20b08afd-afec-49bf-838e-c23da4bbf328
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Updated: 1 week ago
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