Long-term mortgage rates ease for third straight week, dipping to just below 7%
A "For Sale" sign is displayed in front of a home in Skokie, Ill., Sunday, April 14, 2024. On Thursday, Mat 23, 2024, Freddie Mac reports on this week's average U.S. mortgage rates. (AP Photo/Nam Y. Huh)
LOS ANGELES (AP) — The average rate on a 30-year mortgage dipped this week to just below 7% for the first time since mid April, a modest boost for home shoppers navigating a housing market dampened by rising prices and relatively few available properties.
The rate fell to 6.94% from 7.02% last week, mortgage buyer Freddie Mac said Thursday. A year ago, the rate averaged 6.57%.
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