Mortgage Rates Drop For Fifth Straight Week

Mortgage Rates Drop For Fifth Straight Week

Mortgage Rates Drop For Fifth Straight Week The 30-year fixed-rate mortgage averaged 6.27% as of April 13, down from last week when it averaged 6.28%. A year ago at this time, it averaged 5.00%. Incoming data suggest inflation remains well above the desired level but showing signs of deceleration. Mike Fratantoni, senior vice president and chief economist, noted the current mortgage rates are the "lowest level in two months," adding that both buyers and homeowners are reacting to this trend. Prospective homebuyers this year have been quite sensitive to any drop in mortgage rates, and that played out last week with purchase applications increasing by 8%

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