Average long-term US mortgage rate falls to 6.69%, second straight drop since climbing to 2023 high

By ALEX VEIGA
AP Business Writer

The average long-term U.S. mortgage rate fell again this week, positive news for potential homebuyers after rates reached their highest level since November earlier this month. Mortgage buyer Freddie Mac said Thursday that the average rate on the benchmark 30-year home loan slipped to 6.69% from 6.71% last week. A year ago, the rate averaged 5.78%. Despite easing the past two weeks, the average rate is only down slightly from its 2023 high of 6.79% set in early June. The average rate on 15-year fixed-rate mortgages, popular with those refinancing their homes, rose this week to 6.10% from 6.07% last week. A year ago, it averaged 4.81%, Freddie Mac said.