Mortgage rates fell after rising for two straight weeks, another indication that recession concerns are impacting the U.S. housing market.
The average rate on a 30-year fixed-rate mortgage dropped to 5.3%, mortgage-finance giant Freddie Mac said Thursday. That is down from 5.54% last week and below the 13-year high of 5.81% recorded in June. At the beginning of the year, rates on America’s most common home loan hovered around 3.2%.