Mortgage rates dropped for a second consecutive week but remain at the highest level in more than two decades, providing little relief for those taking on new home loans . Freddie Mac reported Thursday that the average rate on the benchmark 30-year fixed mortgage fell to 7.5% from 7.76% the previous week, and 7.08% during the same week last year. The average rate on the 15-year note also fell, hitting 6.81%, down from 7.03% the week prior. A year ago, the rate on a 15-year mortgage was at 6.38%.
Realtor.com's monthly housing market trends report found the median listing price for homes was at the same level in October as last year, but the higher rates pushed monthly costs up by more than $166 on average. That is a 7.4% jump compared with last year, and a new record since the online realty firm began tracking the data in 2016.
Source: Loan Digest (loandigest.net)
Mortgage Rates Home Loans Freddie Mac Benchmark 30-Year Fixed Mortgage 15-Year Note
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