Average long-term US mortgage rate drops a 5th straight week
The average long-term
Mortgage buyer
The average long-term mortgage rate hit 7.08% in the fall — a two-decade high.
The recent decline in mortgage rates is good news for prospective homebuyers, many of whom were pushed to the sidelines during the past year as the
Though supply remains low, home prices are retreating slightly, another development that could lure buyers back into the market. The national median home price slipped 0.2% from February last year to
Rising borrowing costs can add hundreds of dollars a month in costs for homebuyers and cooled off a red-hot housing market. Before surging 14.5% in February, sales of existing homes had fallen for 12 straight months to the slowest pace in more than a dozen years.
In 2022, existing
In their latest quarterly economic projections, Fed policymakers forecast that they expect to raise that key rate just once more — from its new level of about 4.9% to 5.1%, the same peak they had projected in December.
While the Fed's rate hikes do impact borrowing rates across the board for businesses and families, rates on 30-year mortgages usually track the moves in the 10-year
The rate for a 15-year mortgage, popular with those refinancing their homes, fell this week to 5.54% from 5.64% last week. It was 4.17% one year ago.
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