Mortgage rates drop below 5% for the first time since April


Mortgage rates fell to their lowest level since April, providing respite for potential buyers who have been hit this year by higher rates and soaring prices.

The average rate for a 30-year fixed-rate mortgage is 4.99% this week, up from 5.30% the previous week, according to a survey from the mortgage giant Freddie Mac released Thursday. Although rates remain well above their levels of a year ago, they have fallen rapidly in recent weeks from their 13-year high of 5.81% in June.


Wj

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