Mortgage rates this week dropped to their lowest level in more than a year, delivering some long-sought relief for homebuyers.
The average interest rate for a 30-year fixed mortgage stands at 6.47%, Freddie Mac said on Thursday. That figure marks a drop of more than a percentage point from a peak attained last year after the Federal Reserve hiked interest rates in an effort to fight inflation.
The Fed has held interest rates steady at their highest level in two decades, however. So, why are mortgage rates plummeting?
