By ALEX VEIGA, AP Business Writer
MCLEAN, Va. (AP) — The average long-term U.S. mortgage rate is now down to its lowest level in more than three years.
The benchmark 30-year fixed rate mortgage rate eased to 6.06% this week, down from 6.16% last week, mortgage buyer Freddie Mac said Thursday. One year ago, the rate averaged 7.04%.
The last time the average rate was lower was Sept. 15, 2022, when it was at 6.02%.
Lower mortgage rates boost homebuyers’ purchasing power, good news for home shoppers at a time when the housing market remains in a deep slump after years of soaring prices and elevated mortgage rates have shut out many aspiring homeowners.
Borrowing costs on 15-year fixed-rate mortgages, popular with homeowners refinancing their home loans, also fell this week, dropping to 5.38% from 5.46% last week. A year ago it averaged 6.27%, Freddie Mac said.
Related Articles
Grok blocked from undressing images in places where it’s illegal, X says Colorado bars Brighton farm from H-2A foreign-worker program for failing to pay laborers Broncos pay $13M for steel fabricator’s lot by Burnham Yard Rise of the Colorado ‘decacorns’ — rare creatures of the private equity world Steel builder says CEO’s sister stole trade secrets and clientsHence then, the article about average us long term mortgage rate hits the lowest point in more than 3 years was published today ( ) and is available on The Denver Post ( Middle East ) The editorial team at PressBee has edited and verified it, and it may have been modified, fully republished, or quoted. You can read and follow the updates of this news or article from its original source.
Read More Details
Finally We wish PressBee provided you with enough information of ( Average US long-term mortgage rate hits the lowest point in more than 3 years )
Also on site :