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In the past week, the standard 30-year fixed-rate mortgage averaged 6.09%, according to data released by Freddie Mac on Thursday, compared to 6.35% the week of Sept. 5 and a peak of 7.76% in November 2023.
Mortgage rates reached historic lows in 2020 and 2021, touching 2.65% in early January 2021, before skyrocketing through 2022 and 2023, hitting a peak of 7.76% in November 2023.“Home sales were disappointing again in August, but the recent development of lower mortgage rates coupled with increasing inventory is a powerful combination that will provide the environment for sales to move higher in future months,”National Association of Realtors Chief Economist Lawrence Yun on Thursday.
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