Mortgage rates fell for the fifth consecutive week to the lowest level since mid-April, mortgage buyer Freddie Mac said Thursday.
Freddie Mac’s latest Primary Mortgage Market Survey, released Thursday, showed that the average rate on the benchmark 30-year fixed mortgage fell to 6.67% from last week’s reading of 6.77%.
The average rate on a 30-year loan was 6.95% a year ago.
Housing Crisis Deepens As 47 Major Metro Areas Now Require Homebuyers To Spend More Than 30% Of Income
“This is the largest weekly decline since early March,” said Sam Khater, Freddie Mac’s chief economist. “Declining mortgage rates are encouraging and, while overall affordability challenges remain, we are seeing more sellers enter the market giving prospective buyers an advantage.”
These States Were The Housing Market Mvps, According To Realtor.com
Read On The Fox Business App
The average rate on the 15-year fixed mortgage fell to 5.8% from last week’s reading of 5.89%. One year ago, the rate on the 15-year fixed note averaged 6.25%.
Original article source: Mortgage rates fall for fifth straight week, lowest since mid-April
