The average rate on a 30-year mortgage in the U.S. fell for the second consecutive week, offering some respite to potential homebuyers grappling with soaring prices and a limited housing supply. According to Freddie Mac, the average 30-year rate dropped to 7.02% from 7.09% the previous week, although it was higher than the 6.39% rate recorded a year ago.
This decline comes after a series of five consecutive weekly increases that had driven rates to their highest level since November 30. Higher mortgage rates can significantly increase monthly costs for borrowers, constraining their purchasing power.
