Mortgage rates fall again, but high home prices persist

This week, mortgage rates continued their downward trend, coinciding with a surge in demand for home purchases.

However, persistently high home prices pose a significant obstacle for many prospective buyers.

According to Freddie Mac’s latest Primary Mortgage Market Survey, the average rate for the 30-year fixed-rate mortgage dropped to 7.03% this week, a decrease from 7.22% the previous week but an increase from 6.33% a year ago.

The rate for a 15-year fixed mortgage also saw a decline, averaging 6.29% compared to 6.56% last week and 5.67% a year ago, Fox Business reported.

READ MORE: https://www.foxbusiness.com/economy/mortgage-rates-fall-high-home-prices-persist

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