XHB - Mortgage Rates Decline For Fifth Week In A Row: 'Encouraging Development For Potential Homebuyers' | Benzinga
Potential homebuyers found further relief on Thursday after mortgage rates fell in the U.S. for the fifth consecutive week.
The average rate for a 30-year loan fell to 7.22%, down from 7.29% last week, said Freddie Mac, the mortgage-backed securities broker.
Although conditions for buyers appear to be easing, 30-year mortgage rates remain close to their peaks. On Oct. 26, the average 30-year mortgage rose to a 23-year high of 7.79%, according to Freddie Mac data.
“The current trajectory of rates is an encouraging development for potential homebuyers, with purchase application activity recently rising to the same level as mid-September when rates were similar to today's levels,” said Sam Khater, chief economist at Freddie Mac.
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