The U.S. long-term mortgage rate dropped this week to a roughly one-year low, the Associated Press reports.
Mortgage buyer Freddie Mac said the average rate on a 30-year mortgage dipped to 6.3% from last week’s 6.34%, while a year ago the rate averaged 6.32%.
The average rate on a 15-year fixed-rate mortgage eased this week to 5.53% from 5.55% the week prior, Freddie Mac said. It was 5.41% one year ago.
Economists are broadly forecasting the average 30-year mortgage rate will stay near the mid-6% range this year.
