Mortgage rates have dropped for the third week in a row, sending some relief to potential homebuyers.
The average 30-year fixed rate for a mortgage reached 6.49%, following a few weeks of decreases from the record highs of over 7% seen last month, according to the Mortgage Bankers Association.
“Mortgage rates declined again last week, following bond yields lower,” said Joel Kan, MBA’s vice president and deputy chief economist. “The economy here and abroad is weakening, which should lead to slower inflation and allow the Fed to slow the pace of rate hikes.
