The average rate on a 30-year mortgage slipped to 6.88% from 6.94% last week, mortgage buyer
Borrowing costs on 15-year fixed-rate mortgages, popular with homeowners refinancing their home loans, also fell this week, pulling the average rate down to 6.22% from 6.26% last week. A year ago it averaged 5.95%,
“Evidence that purchase demand remains sensitive to interest rate changes was on display this week, as applications rose for the first time in six weeks in response to lower rates,” said
Mortgage rates ticked higher for most of February as stronger-than-expected reports on inflation and the economy fueled speculation among bond investors that the
Investors’ expectations for future inflation, global demand for
Federal Reserve Chair
Despite the choppy trajectory in mortgage rates this year, the average rate on a 30-year home loan is still down from the 23-year high of 7.79% it reached in late October.
The decline in rates since their peak last fall has helped lower monthly mortgage payments, providing more financial breathing room for homebuyers facing rising prices and a shortage of homes for sale.
Lower rates helped lift sales of previously occupied
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