30-year fixed mortgage rate drops to 6.94%, providing some relief for home buyers amid affordability challenges.
Mortgage rates fell below 7% for the third consecutive week, providing some relief for home buyers in a market facing affordability challenges. Residential construction is improving, but not quickly enough to ease the pressure on housing affordability. The average rate on a 30-year fixed mortgage dropped to 6.94% from 7.02% last week, while the rate on a 15-year fixed mortgage fell to 6.24% from 6.28%.
May 23, 2024
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