LOS ANGELES — The average long-term U.S. mortgage rate slipped this week to the lowest level in four weeks, a boost for house hunters facing a market held back by persistently high prices and a near-historic low number of homes for sale.
Mortgage buyer Freddie Mac said Thursday that the average rate on the benchmark 30-year home loan fell to 6.78% from 6.96% last week. A year ago, the rate averaged 5.54%.
The latest move in rates brings the average slightly below the highest level since it surged 7.08% in early November. High rates can add hundreds of dollars a month in costs for borrowers, limiting how much they can afford in a market already unaffordable to many Americans.
To continue reading the rest of the article, please click on the source link below:
https://abcnews.go.com/Business/wireStory/average-long-term-us-mortgage-rate-falls-678-101525195
© 2010-19 FORECLOSURE FRAUD | by DinSFLA. All rights reserved.
