US Mortgage Rates Drop to 7.02%, First Decline in Six Weeks
Mortgage rates track yields on US Treasuries, which fell last week.
Photographer: Roger Kisby/BloombergThis article is for subscribers only.
US mortgage rates dropped for the first time in six weeks, helping keep a gauge of home-purchase applications at a one-year high.
The contract rate on a 30-year mortgage declined 7 basis points to 7.02% in the week ended Jan. 17, according to Mortgage Bankers Association data released Wednesday.