The average rate on a 30-year mortgage in the United States has seen a slight decrease this week, dropping to 6.89% from 6.95% the previous week, according to mortgage buyer Freddie Mac. This dip comes as a modest relief for home shoppers who are currently facing record-high home prices in the market. A year ago, the average rate stood at 6.96%.
Throughout this year, the average mortgage rate has largely remained around 7%, which is more than double the rate from just three years ago. These elevated mortgage rates have added significant costs for borrowers, deterring many potential homebuyers and contributing to the nation's housing slump, now in its third year.
