WASHINGTON–The average rate on a 30-year U.S. mortgage fell this week, slipping close to its low point so far this year.
The decline brings the average long-term mortgage rate to 6.19% from 6.23% last week, according to Freddie Mac, which noted that one year ago at this time the rate averaged 6.69%.
The decline marks the second straight weekly drop in the average rate after three straight increases. IThe rate on the 30-year mortgage is now at the lowest level since Oct. 30, when it was at 6.17%, the lowest level in more than a year.
Decline on 15-Year
In addition, the average rate on the 15-year fixed-rate mortgage, which is popular with homeowners refinancing their home loans, also declined to 5.44%, down from 5.51% one week earlier. A year ago, it was 5.96%, Freddie Mac said.
The declining rates helped to lift sales of previously occupied U.S. homes during October on an annual basis for the fourth straight month. Despite that, affordability remains a huge challenge for many would-be buyers.
