The average rate on a 30-year mortgage dropped to 6.47%, the lowest in over a year, benefiting prospective homebuyers and homeowners seeking refinancing opportunities.
Decreased mortgage rates are increasing purchasing power for homebuyers and motivating existing homeowners to refinance, according to Sam Khater, Freddie Mac's chief economist.
Elevated mortgage rates discouraging home shoppers have contributed to a prolonged housing slump, evident in the declining sales of both previously owned and new homes.
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