Mortgage rates fall slightly to 6.86%
The average rate for a 30-year fixed-rate mortgage has declined for the fourth straight week
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Mortgage rates were mixed this week with the standard 30-year note declining slightly for the fourth consecutive reading, while shorter-term rates ticked up a bit.
Freddie Mac's latest Primary Mortgage Market Survey, released Thursday, showed that the average rate on the benchmark 30-year fixed mortgage ticked down to 6.86% this week from 6.87% last week. The average rate on a 30-year loan was 6.71% a year ago.
A "for sale" sign hangs in front of a home in San Mateo County, California, on Aug. 22, 2023. ( Liu Guanguan/China News Service/VCG via Getty Images / Getty Images)
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The average rate on the 15-year fixed mortgage, on the other hand, actually increased to 6.16% from 6.13% last week. One year ago, the rate on the 15-year fixed note averaged 6.06%.