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Average rate on a 30-year mortgage falls to lowest level in nearly a year
Mortgage rates dropped to 6.35%, the largest weekly decline in a year, boosting homebuyer purchasing power and increasing mortgage applications by 9.2%, data shows.
- Last week saw the biggest single-week decrease in the average interest for a 30-year fixed loan in the past year, falling by 15 basis points.
- This decline followed signals from the bond market and weaker-than-expected U.S. labor data, fueling expectations of a Federal Reserve rate cut.
- Mortgage rates remain influenced by Federal Reserve decisions, Treasury yields, and economic indicators, with borrowing costs still higher than historic lows.
- Currently, the 30-year fixed mortgage rate averages 6.25%, with homebuyers paying $616 per $100,000 borrowed monthly in principal and interest, while 15-year rates average 5.24%.
- Although rates fell, experts caution that further declines are uncertain and affordability gains depend on slower home price growth to incentivize buyers.
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Mortgage rates sink at fastest weekly pace in a year
Mortgage rates fell this week at their fastest weekly pace in a year, giving some relief to the strained housing market as economic conditions soften. The standard 30-year, fixed-rate mortgage dropped from 6.5 percent last week to 6.35 percent this week, the lowest level since October of last year, according to data from government mortgage…
·Washington, United States
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Total News Sources89
Leaning Left12Leaning Right11Center33Last UpdatedBias Distribution59% Center
Bias Distribution
- 59% of the sources are Center
59% Center
L 21%
C 59%
R 20%
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