Wealth
Economics

US Mortgage Rates Pull Back After Three Straight Weeks of Gains

  • Average rate on a 30-year fixed mortgage slipped to 6.95%
  • Affordability issues have sidelined some buyers, Khater says

Single family homes in a housing development in Aurora, Colorado.

Photographer: Chet Strange/Bloomberg
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By Lizzie Kane
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Mortgages rates in the US dropped after a three-week run of gains that sent borrowing costs to a two-decade high.

The average for a 30-year, fixed loan fell to 6.95% after surging past 7% last week, Freddie Mac said Thursday in a statementBloomberg Terminal.

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