U.S. Mortgage Rates Drop to Lowest Level Since September 2022
Freddie Mac reports the 30-year fixed mortgage rate fell to 6.01%, with the 15-year fixed at 5.35%, signaling potential affordability improvements for borrowers.
Summary
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Terms & Concepts
Basis Point: A unit equal to 0.01% used to measure changes in interest rates or financial yields.
Fixed Mortgage Rate: An interest rate on a mortgage that remains constant throughout the loan term, providing predictable payments.