LOS ANGELES (AP) — The average rate on a 30-year mortgage fell for the first time in four weeks, a slight relief for home shoppers already facing the challenges of rising housing prices and a shortage of homes for sale.
The rate fell to 7.09% from 7.22% last week, mortgage buyer Freddie Mac said Thursday. A year ago, the rate averaged 6.35%.
The modest pullback followed a five-week string of increases that pushed the average rate to its highest level since November 30. When mortgage rates rise, they can add hundreds of dollars a month in costs for borrowers, limiting how much homebuyers can afford.
Borrowing costs on 15-year fixed-rate mortgages, popular with homeowners refinancing their home loans, also declined this week, pulling down the average rate to 6.38% from 6.47% last week. A year ago, it averaged 5.75%, Freddie Mac said.
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