KEY TAKEAWAYS:

Average 30-year mortgage rate drops to 6.27%, down from 6.3% last week.

15-year mortgage rates also eased to 5.52%, aiding refinancing activity.

Rates influenced by Fed policy, bond yields, and economic trends.

Housing market remains sluggish, with mortgage rates above 6% since 2022.

The average rate on a 30-year U.S. mortgage declined again this week, easing to just above its lowest level this year.

The average long-term mortgage rate slipped to 6.27% from 6.3% last week, mortgage buyer Freddie Mac said Thursday. A year ago, the rate averaged 6.44%.

The latest dip brings the average rate to just above 6.26%, where it was four weeks ago after a string of declines brought down home loan borrowing costs to their lowest level since early October 2024.

Borrowing c

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