Mortgage buyer Freddie Mac said the average rate on the benchmark 30-year home loan fell to 6.35% from 6.39% last week. The average rate a year ago was 5.30%.
Mortgage buyer Freddie Mac said Thursday that the average rate on the benchmark 30-year home loan fell to 6.35% from 6.39% last week. The average rate a year ago was 5.30%.
High rates can add hundreds of dollars a month in costs for homebuyers on top of already high home prices. The elevated rates combined with a stubbornly low inventory of homes on the market have weighed on U.S. home sales this spring homebuying season. Many prospective homebuyers have been pushed to the sidelines during the past year as the Federal Reserve cranked up its main borrowing rate in a bid to tamp down persistent, four-decade high inflation.
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