The average rate on a 30-year mortgage in the U.S. has decreased for the third consecutive week, offering a positive development for potential homebuyers, especially during a traditionally slower period in the housing market. According to Freddie Mac, the rate has dropped to 6.6% from 6.69% last week, marking a decline from the 6.95% average rate recorded a year ago.
Similarly, borrowing costs for 15-year fixed-rate mortgages, favored by homeowners looking to refinance at lower rates, have also seen a reduction this week. The average rate fell to 5.84% from 5.96% last week, compared to 6.38% a year ago.
