Skip to Content

Average rate on a 30-year mortgage falls to 6.47%, lowest level in more than a year

AP Business Writer

The average rate on a 30-year mortgage fell this week to its lowest level in more than a year. That’s a welcome affordability boost for prospective homebuyers and homeowners looking to refinance their home loan to a lower rate. Mortgage buyer Freddie Mac said Thursday that the rate fell to 6.47% from 6.73% last week. A year ago, the rate averaged 6.96%. After jumping to a 23-year high of 7.79% in October, the average rate on a 30-year mortgage has mostly hovered around 7% this year — more than double what it was just three years ago. The elevated mortgage rates have discouraged home shoppers, extending the nation’s housing slump into its third year.

Article Topic Follows: AP National News

Jump to comments ↓

Associated Press

BE PART OF THE CONVERSATION

KTVZ NewsChannel 21 is committed to providing a forum for civil and constructive conversation.

Please keep your comments respectful and relevant. You can review our Community Guidelines by clicking here

If you would like to share a story idea, please submit it here.

Skip to content