Mortgage rates finally dip, offering a sliver of relief for strained homebuyers
Mortgage rates fell this week for the first time since late August, easing some of the pressure on prospective homebuyers facing higher borrowing costs on home loans. Mortgage buyer Freddie Mac said Thursday that the benchmark 30-year fixed-rate mortgage dropped to 7.32% from 7.40% last week. One year ago, the average rate was 6.19%. The pullback comes as the 10-year Treasury yield, which lenders use as a guide to pricing home loans, has eased the last couple of weeks.
Still, the average rate remains close to its highest level in nearly three years. The housing market has stalled this year in large part because of rising mortgage rates.
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