Average Long-Term U.S. Mortgage Rate Lowest Since September

It was reported for the week ending on Jan. 20, 2023 that the average U.S. long-term 30-year mortgage rate had dropped from 6.33 percent to 6.13 percent.

According to AP News, though home prices have retreated as demand has declined, they are still nearly 11% higher than a year ago. Higher prices and a doubling of mortgage rates have made home buying much less affordable for many people, but recent rate declines could give some homebuyers new hope.

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