The average rate for a 30-year fixed rate mortgage fell to 6.6% this week, the lowest the benchmark note has been since May of last year. But affordability remains a challenge.
LOS ANGELES — The average long-term U.S. mortgage rate fell this week to its lowest level since May, welcome news for prospective homebuyers facing rising home prices and intense competition for relatively few properties on the market. The average rate on a 30-year mortgage dropped to 6.6% from 6.
After ticking slightly higher for two weeks, the 30-year fixed mortgage fell to 6.60%, while the 15-year fixed mortgage declined for the fifth straight week.
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