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HomeBusinessMortgage rates finally fall after 6-week rise

Mortgage rates finally fall after 6-week rise


mortgage rates The six-week rising streak finally broke, but the decline won’t bring much relief as long-term rates have fallen just below 7%.

Freddie Mac’s latest primary mortgage market survey released Thursday showed that the average rate on the benchmark 30-year fixed mortgage Last week’s reading fell to 6.96% from 7.04%. A year ago the average rate on a 30-year loan was 6.69%.

Mortgage rates fell below 7% this week, but remain high. (Getty Images/Getty Images)

“After surpassing the 7% mark last week, the 30-year fixed-rate mortgage saw its first decline in six weeks,” said Sam Khater, chief economist at Freddie Mac. “Although affordability challenges remain, this is welcome news for potential home buyers, as reflected by the corresponding increase in purchase applications.”

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The average rate on a 15-year fixed mortgage fell to 6.16% from 6.27% last week. A year ago, the rate on a 15-year fixed note averaged 5.96%.



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