After climbing to just above 7% in mid-January, the average rate has been mostly declining.
By ALEX VEIGA, AP Business Writer
The average rate on a 30-year mortgage in the U.S. declined for the third week in a row, another positive move for prospective homebuyers during what’s traditionally the housing market’s busy season.
The rate fell to 6.62% from 6.64% last week, mortgage buyer Freddie Mac said Thursday. A year ago, the rate averaged 6.88%.
The average rate has mostly trended lower since reaching just over 7% in mid-January. When mortgage rates decline, they boost homebuyers’ purchasing power.
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