U.S. mortgage rates fall below 5% for the first time since April.
David Paul Morris / Bloomberg via Getty ImagesU.S. mortgage rates have continued their decline, falling below 5% for the first time since April.released by Freddie Mac on Thursday, the 30-year fixed-rate mortgage has fallen to an average of 4.99%. Just one week ago, rates were averaging around 5.30%. This is the second week in a row that mortgage rates have fallen, and it also marks the sharpest drop in the cost of borrowing money for a home since early July.
Higher mortgage rates can make it more difficult for people to buy homes because a higher rate means a more expensive monthly payment, which can price some buyers out of the market.in June in part due to the rising cost of borrowing. Housing prices have been on the decline as well, though they were still higher in June than they were a year ago, according to Black Knight, a mortgage software, data and analytics firm.
“Lower mortgage rates, combined with signs of more inventory coming to the market, could lead to a rebound in purchase activity,” Joel Kan, the Mortgage Bankers Association’s associate vice president of economic and industry forecasting, said in a
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