Rates Fall Below 5% For The First Time Since April
Mortgage rates nosedived by 31 basis points last week, dropping below 5% for the first time since April, Freddie Mac reported Thursday. Freddie’s Primary Mortgage Market Survey (PMMS) found that the 30-year fixed-rate mortgage (FRM) averaged 4.99%. Last week it averaged 5.30%, and a year ago at this time, the 30-year FRM averaged 2.77%. “Mortgage…