Average long-term mortgage rate at lowest level in 4 months

A sign announcing a pending sale is shown in front of a house, Monday, Jan. 23, 2023, in Brooklyn Park, Minn. On Thursday, Freddie Mac reports on this week's average U.S. mortgage rates.

A sign announcing a pending sale is shown in front of a house, Monday, Jan. 23, 2023, in Brooklyn Park, Minn. On Thursday, Freddie Mac reports on this week's average U.S. mortgage rates. Mortgage buyer Freddie Mac reported Thursday that the average on the benchmark 30-year rate inched down to 6.13% from 6.15% last week. A year ago the average rate was 3.55%.

The average long-term rate reached a two-decade high of 7.08% in late October and early November as the Federal Reserve continued to raise its key lending rate in a bid to cool the economy and tame inflation. The big rise in mortgage rates during the past year has throttled the housing market, with sales of existing homesThe National Association of Realtors said last week that existing U.S. home sales totaled 5.03 million last year, a 17.8% decline from 2021. That is the weakest year for home sales since 2014 and the biggest annual decline since 2008, during the housing crisis of the late 2000s.

'mortgage rate fell to its lowest level in more than four months' In 4 months? That's not a good thing. This tweet should have said, 'mortgage rates continue their four month drop' which doesn't imply a miracle has a occurred like your original tweet suggests.

The cost of housing and healthcare is not affordable. Poverty is increasing. The elite are using their profits to manipulate the public into more debt.

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