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Mortgage Rates Fall to 5.1% in Biggest Drop Since April 2020

  • Rates below recent highs give buyers a lifeline, analyst says
  • Home market has ‘clearly slowed,’ Freddie Mac economist says
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Rising Mortgage Rates Are Good for Housing: Miller
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US mortgage rates posted the biggest drop in more than two years, offering homebuyers a slight reprieve from this year’s massive surge in borrowing costs.

The average for a 30-year loan declined to 5.10% from 5.25% last week, Freddie Mac said in a statement Thursday. That was the biggest decline since April 2020, but rates are still well above the 3.11% level at the end of last year.