Mortgage rates fall for fifth straight week
PITTSBURGH (KDKA) - Some encouraging news for home buyers: mortgage interest rates have dropped for the fifth straight week.
The average rate for a 30-year fixed mortgage is now 6.31%.
That's down 0.2% from a week ago, but it's still more than double what mortgage rates were a year ago when they stood at 3.1%.
The Federal Reserve's unprecedented series of rate hikes has been targeted to tame soaring inflation.
Mortgage rates have been falling over the last few days, following data that inflation may have finally reached its peak.
