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US Mortgage Rates Post Biggest Drop Since 1981, Falling to 6.61%

  • Economist warns there’s ‘long road ahead’ for housing market
  • Freddie Mac has revised methodology on mortgage rate data
Bloomberg business news
US Mortgage Rates Drop Below 7%

Mortgage rates in the US faced the biggest weekly decline in nearly 41 years, providing some relief after a rapid run-up that quickly priced out homebuyers. 

The average rate for a 30-year fixed mortgage was 6.61%, the lowest level in almost two months, Freddie Mac said in a statement Thursday. Last week, the average was 7.08%.