Mortgage Rates See Biggest Weekly Drop in Nearly A Year

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Kristen. So speaking of borrowing costs, where does that leave mortgage rates right now? Yes. So mortgage rates have seen their biggest weekly drop in about a year as bond yield stabilized. And data from Freddie Mac shows that the average rate for a 30 year fixed mortgage fell to 7.5% last week down from about 7.8% the week before. Well, the rate is still higher than the 7.1% rate compared to a year ago. And Freddie Mac chief economist said, quote, many consumers are feeling strained by the high cost of living. So, unless mortgage rates decreased significantly, the housing market will remain stagnant and quote.