Mortgage rates fell below six percent this week, the lowest since September 2022.
The average rate for a 30-year fixed mortgage this week was 5.98 percent, the first time the average rate has dropped into the five percent range in nearly three years, Freddie Mac reported Thursday.
“This rate, combined with the improving availability of homes for sale, is meaningful and will drive more potential buyers into the market for spring homebuying season,” Freddie Mac said.
Mortgage rates peaked at 7.79 percent in October of 2023. When Trump took office in January, rates were around seven percent. Since May, rates have been steadily declining.
On the…
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