May 21, 2024

Mortgage rates drop for second straight week to 7.02%

Mortgage prices dropped for the next year in a row, but they still hover at or above 7 % as a housing affordability crisis continues to dominate the market.

Freddie Mac’s latest Primary Mortgage Market Survey, released Thursday, showed that the regular price on the standard 30- year fixed mortgage dropped to 7. 02 % this week from 7. 09 % last week. The average rate on a 30- time payment was 6. 39 % a year ago.

home for sale
A recently sold house in the Issaquah Highlands region of Issaquah, Washington, US, on Tuesday, April 16, 2024. ( David Ryder/Bloomberg via Getty Images / Getty Images )

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The average rate on the 15- year fixed mortgage also fell to 6. 28 % from 6. 38 % last week. One time ago, the price on the 15- time fixed word averaged 5. 75 %.


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