US Mortgage Rates See Third Consecutive Decline

The average long-term mortgage rates in the United States have fallen for the third consecutive week, providing a much-needed boost to homebuyers in a housing market constrained by a scarcity of available homes.

The benchmark 30-year home loan rate dropped from 6.69% to 6.67% this week, while the rate for 15-year fixed-rate mortgages fell to 6.03%. These lower rates could result in substantial monthly savings for potential homeowners, especially considering the current shortage of homes and the prevalence of bidding wars.

However, despite the recent decline, mortgage rates remain more than twice as high as they were two years ago, discouraging homeowners from selling. The lack of available homes has been a significant factor in the decline of sales in the United States. Read more about Mortgage rate in the US falls for the third time.