US 30-Year Mortgage Rate Falls for First Time Since March
- Rate dropped to 7.18% last week after four straight gains
- Applications rose for home purchases and refinancing
Homes in Napa, California.
Photographer: David Paul Morris/BloombergThis article is for subscribers only.
US mortgage rates fell for the first time since late March, giving some relief to homebuyers and lifting applications for purchases and refinancing.
The contract rate on a 30-year fixed mortgage fell 11 basis points in the week ended May 3 to 7.18%, according to Mortgage Bankers Association data released Wednesday. It marks the first drop following four straight weekly increases that brought borrowing costs well above 7%.