The 30-year mortgage rate is averaging at 6.27%, Freddie Mac said in its latest weekly survey on Thursday.
The numbers: Mortgage rates dipped for the fifth week in a row, giving would-be home buyers a boost as the cost of borrowing eases.
Rates were last at this level in early February. When rates dropped then, existing home sales surged. And mortgage demand is up is already up, according to the Mortgage Bankers Association’s latest weekly report.The average rate on the 15-year mortgage fell to 5.54%, from 5.64% the previous week. The 15-year was at 4.17% a year ago.
What Freddie Mac said: “Incoming data suggest inflation remains well above the desired level but showing signs of deceleration,” Sam Khater, chief economist at Freddie Mac, said in a statement.
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