US Mortgage Rate Falls to 6.69%, 2nd Straight Drop from 2023 High

The average long-term US mortgage rate dropped again this week, benefiting potential homebuyers. According to Freddie Mac, the average rate on the 30-year home loan fell to 6.69% from 6.71% last week, although it remains higher than last year’s average of 5.78%. The average rate for 15-year fixed-rate mortgages, favored by refinancers, increased to 6.10% from 6.07% last week. The decline followed the Federal Reserve’s decision to hold off on raising its benchmark interest rate, but the possibility of two rate increases later this year remains due to inflation concerns and market factors.

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