US Long-Term Mortgage Rates Cut (June 10)

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Mortgage rates in the United States have fallen, with an average of 2.96% on a 30-year loan.

That’s down 2.99% from last week, Freddie Mac said Thursday. The rates hover around 3 percent for about two months.

Historically low rates continue to drive Americans to buy a home, even as many potential buyers struggle to find affordable properties. Current borrowers were able to save by refinancing.

Lower borrowing costs fueled frantic demand for homes during the pandemic. This has helped drive up prices as buyers grapple with a shortage of affordable properties.

The record low for a 30-year fixed loan was 2.65 percent in January.

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