It’s taken 3½ years, but mortgage rates finally have a “five-handle.” Borrowing costs for home loans pushed above 6% in September 2022 and have been at least that high – and occasionally in the 7% range – since then. But on Feb. 26, Freddie Mac’s weekly average stood at 5.98% for the popular 30-year fixed-rate mortgage. That’s a national average, and some local areas may still have rates above 6%, while others may have enjoyed rates in the 5s for some time.

 

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