The average rate on a 30-year fixed-rate mortgage in the US decreased to 6.18%, down from 6.21% last week. This marks a decline from the 6.85% average recorded at the same time last year, according to Freddie Mac.
In contrast, the average rate for a 15-year fixed mortgage rose slightly to 5.50%, up from 5.47% the previous week. This rate remains below the 6.00% level from one year ago. The recent dip in the 30-year rate offers a reduction in borrowing costs for prospective homebuyers.
