Mortgage rates fall for fifth week in a row, hover near 7%

Mortgage rates fall for fifth week in a row, hover near 7%
red blocks on brown wooden table by Tierra Mallorca is licensed under Unsplash unsplash.com

Freddie Mac said average rate on 30-year fixed mortgage fell to 6.85%.

Mortgage rates fell for a fifth consecutive week, hitting the lowest level since December but remaining elevated near 7%.

Freddie Mac's latest Primary Mortgage Market Survey, released Thursday, showed that the average rate on the benchmark 30-year fixed mortgage edged down to 6.85% from last week's reading of 6.87%. The average rate on a 30-year loan was 6.9% a year ago.

red blocks on brown wooden table by Tierra Mallorca is licensed under Unsplash unsplash.com

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