RSS FeedIt's down from last week's 7.22% average for a 30-year, fixed-rate loan. Freddie Mac's chief economist says they need to drop more, but it's a "welcome relief."
LOS ANGELES (AP) – Home loan financing costs eased again this week, as the average long-term U.S. mortgage rate slid to its lowest level in four months.
The average rate on a 30-year mortgage dropped to 7.03% from 7.22% last week, mortgage buyer Freddie Mac said Thursday. A year ago, the rate averaged 6.33%.
The last time the average rate was lower was in early August, when it was at 6.96%.
Borrowing costs on 15-year fixed-rate mortgages, popular with homeowners refinancing the...
