Average US long-term mortgage rate hits the lowest point in more than 3 years
AP News • • business
Key Points:
- The average 30-year fixed U.S. mortgage rate dropped to 6.06% this week, the lowest level in over three years, down from 7.04% a year ago, according to Freddie Mac.
- The 15-year fixed mortgage rate also declined to 5.38%, improving affordability for homeowners refinancing their loans.
- Lower mortgage rates have increased homebuyers' purchasing power amid a prolonged housing market slump, with median monthly housing payments falling 5.5% compared to a year ago.
- Mortgage refinancing applications surged 40% last week, driven by lower rates and government efforts to reduce borrowing costs, while home purchase loan applications rose 16%.
- Despite easing rates, most economists predict the
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