The average 30-year US mortgage rate dips to 7.24%, the lowest level in more than a month.
Angela has over 15 years of experience in local journalism, having previously worked for the Democrat and Chronicle. She holds a Master's degree in Journalism from Northwestern University and has reported extensively on public policy and local government in Rochester. Her dedication to transparency and accountability has won her multiple awards.
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WASHINGTON (AP) — The average long-term U.S. mortgage rate declined for the second straight week, falling to its lowest level in more than a month. The benchmark 30-year fixed-rate mortgage fell to 7.24% from 7.32% last week, mortgage buyer Freddie Mac said Thursday. One year ago, the average rate was 6.17%. Borrowing costs on 15-year fixed-rate mortgages, often sought by borrowers refinancing a home loan, also fell this week. That average rate dipped to 6.60% from 6.68% last week. A year ago, it was at 5.41%. Lower mortgage rates relieve some of the pressure on prospective homebuyers facing higher borrowing costs on home loans. Rates on home loans are influenced by inflation, Federal Reserve policy and bond-market investors’ expectations for the economy, among other factors. They generally follow the trajectory of the 10-year Treasury yield, which lenders use as a guide to pricing home loans. Mortgage rates had been climbing since late February, when the U.S. war with Iran began, pus