00:00homebuyers are getting a little relief on borrowing costs. Freddie Mac reports the
00:04average 30-year fixed mortgage rate fell to 7.24% this week. That's down from 7.32% last
00:11week and
00:12the lowest in more than a month. Rates on 15-year loans, popular for refinancing,
00:17dipped to 6.60%. But borrowing is still pricier than a year ago, when the 30-year rate averaged
00:236.17%. Rates hit 7.4% earlier this month, the highest in nearly three years. They tend to
00:31follow the 10-year treasury yield, which has eased this month. Back in late February, the 30-year rate
00:37briefly dipped to 5.98%. Since then, rising rates have added about $350 a month on a $400,000 loan.
00:46That's a big reason home sales remain stalled. Sales of previously owned homes were stuck at a
00:5130-year low last year. So even with this dip, buyers still face steep monthly costs.
00:57Disclosure. This video contains stock footage and content created or enhanced using AI-assisted tools.
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