The average long-term US mortgage rate falls to 7.22%, sliding to lowest level since late September

The average long-term US mortgage rate fell for the fifth week in a row, benefiting prospective homebuyers in an unaffordable housing market. According to Freddie Mac, the average rate on a 30-year mortgage decreased to 7.22%, the lowest in 10 weeks. The decline in rates is encouraging for potential buyers, with purchase application activity rising. However, rates remain significantly higher than two years ago, limiting affordability for many Americans.

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