Published 3 months ago

Average rate on a 30-year mortgage drops to 6.77%, sliding to lowest level since March

Summary by KOB 4

LOS ANGELES (AP) — The average rate on a 30-year mortgage dropped this week to a four-month low, a welcome decline in borrowing costs for prospective homebuyers grappling with the challenge of record-high home prices and a dearth of properties on the market. The rate fell to 6.77% from 6.89% last week, mortgage buyer Freddie Mac said Thursday. A year ago, it averaged 6.78%. This is the second straight weekly drop in the average rate. It’s now at…

Think freely.Subscribe and get full access to Ground NewsSubscriptions start at $9.99/year