Average Rate On A 30-Year Mortgage Holds Steady At Lowest Level In Nearly 10 Months – KXL

(Associated Press) – The average rate on a 30-year U.S. mortgage held steady this week at its lowest level in nearly 10 months, an encouraging sign for prospective homebuyers who have been held back by stubbornly high home financing costs.

The long-term rate was unchanged from last week at 6.58%, mortgage buyer Freddie Mac said Thursday.

A year ago, the rate averaged 6.46%.

Borrowing costs on 15-year fixed-rate mortgages declined, with the average rate now at 5.69%.

Elevated mortgage rates have kept the U.S. housing market in a slump since early 2022, when rates began climbing from pandemic lows.