The average rate on a 30-year U.S. mortgage eased this week, offering little relief for prospective homebuyers facing record-high home prices.
The long-term rate slipped to 6.74% from 6.75% last week, mortgage buyer Freddie Mac said Thursday. A year ago, the rate averaged 6.78%.
Borrowing costs on 15-year fixed-rate mortgages, popular with homeowners refinancing their home loans, also eased. The average rate dropped to 5.87% from 5.92% last week. A year ago, it was 6.07%, Freddie Mac said.
Elevated mortgage rates have been weighing on the U.S. housing market, which has been in a sales slump going back to 2022, when rates started to climb from the rock-bottom lows they reached during the pandemic.
Sales of previously occupied U.S. homes, which sank to their lowest level in nearly 30 years in 2024, have remained sluggish this year as rising home prices and stubbornly high mortgage rates…
