US mortgage rates fell slightly for the third consecutive week as the housing market points to a normalization.
- The average for a 30-year low came in at 5.09%, falling slightly from 5.1% last week.
- Buyers have received a slight reprieve in recent weeks from the huge run-up in mortgage rates that dominated this year. Borrowing costs are up almost two percentage points from the end of 2021.
- Sam Khater, chief economist, Freddie Mac, stated that mortgage rates continued to edge downward this week but are still significantly higher than last year, hampering affordability and purchase demand.
Consumers have had to struggle with an increasingly challenging affordability situation in recent years as prices surged during the COVID-19 pandemic.
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