The average rate on 30-year mortgages fell from 6.69% last week to 6.6%, the lowest level since Oct. 24. The rate on 15-year fixed-rate mortgages fell to 5.84%.
NEW YORK - The average rate on a 30-year mortgage in the U.S. eased for the third week in a row, welcome relief for prospective homebuyers during what's typically a less competitive time of the year for the housing market.
The rate dropped to 6.6% from 6.69% last week, mortgage buyer Freddie Mac said Thursday. A year ago, the rate averaged 6.95%.
Borrowing costs on 15-year fixed-rate mortgages, popular with homeowners seeking to refinance their home loan to a lower rate, also eased this week. The average rate fell to 5.84% from 5.96% last week. A year ago, it averaged 6.38%, Freddie Mac said.
The average rate on a 30-year mortgage is now at its lowest level since October 24, when it was at 6.54%.
Mortgage rates are influenced by several factors, including the moves in the yield on U.S. 10-year Treasury bonds, which lenders use as a guide to price home loans.
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