Mortgage rates dropped this week, but mortgage applications also declined
Mortgage rates dropped this week, but mortgage applications also declinedMortgage rates continued their slight decline this week, Freddie Mac reported. For 30-year fixed-rate mortgages, the average interest rate is 6.79%, down from last week’s average of 6.87%.Last year at this time, mortgage rates for 30-year mortgages averaged closer to the bottom of the 6% range at 6.35%.”Mortgage rates moved slightly lower this week, providing a bit more room in the budgets of some prospective homebuyers,” Sam Khater, Freddie Mac’s Chief Economist, said.”We also are seeing encouraging data on existing home sales, which reflects improving inventory. Regardless, rates remain elevated near seven percent as markets watch for signs of cooling inflation, hoping that rates will come down further.”For 15-year mortgages, rates have also dropped since last week and now average 6.11% for fixed-rate mortgages. This is higher than last year’s average of 5.56%.If you’re looking to purchase a home in today’s…