Mortgage rates drop for first time in weeks, still hover near 7%

Mortgage rates drop for first time in weeks, still hover near 7%
shot of a couple of similar looking vacation houses by Paul Kapischka is licensed under Unsplash unsplash.com

Mortgage rates declined for the first time in weeks, though they are still hovering near 7%, mortgage buyer Freddie Mac said Thursday.

Freddie Mac's latest Primary Mortgage Market Survey, released Thursday, showed that the average rate on the benchmark 30-year fixed mortgage fell to 6.85% from last week's reading of 6.89%.

The average rate on a 30-year loan was 6.99% a year ago.

shot of a couple of similar looking vacation houses by Paul Kapischka is licensed under Unsplash unsplash.com

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