Rates on 30-year mortgages slipped to 6.72% from 6.74% last week while 15-year rates dropped to 5.85% from 5.87%, Freddie Mac said.
WASHINGTON – The average rate on a 30-year U.S. mortgage eased to where it was three weeks ago, modest relief for prospective homebuyers challenged by rising home prices and stubbornly high borrowing costs.
The long-term rate slipped to 6.72% from 6.74% last week, mortgage buyer Freddie Mac said Thursday. A year ago, the rate averaged 6.73%.
Borrowing costs on 15-year fixed-rate mortgages, popular with homeowners refinancing their home loans, also eased. The average rate dropped to 5.85% from 5.87% last week. A year ago, it was 5.99%, Freddie Mac said.
Elevated mortgage rates continue to weigh on the U.S. housing market, which has been in a sales slump going back to 2022, when rates started to climb from the rock-bottom lows they reached during the pandemic.
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