The average long-term U.S. mortgage rate fell for the fourth time in as many weeks, more positive news for prospective homebuyers who have been held back by sharply higher borrowing costs and heightened competition for relatively few homes for sale

The average long-term U.S. mortgage rate fell for the fourth time in as many weeks, more positive news for prospective homebuyers who have been held back by sharply higher borrowing costs and heightened competition for relatively few homes for sale.

The latest decline brought the average rate on a 30-year mortgage down to 7.29% from 7.44% last week, mortgage buyer Freddie Mac said Wednesday. A year ago, the rate averaged 6.58%.

  • Flying Squid
    8•7 months ago

    This is why we can’t move even though we don’t like this town. We bought this house in 2008. It’s got a 3-something% fixed rate mortgage. We couldn’t afford a mortgage in the town we want to move to or even to buy a house across town from where we live. I feel so trapped even though we’re still better off than a lot of other people.