U.S. mortgage rates inched lower this week, backing off from an eight-month high as inflation showed welcome signs of cooling.
Mortgage buyer Freddie Mac said Thursday that the average rate on the 30-year loan fell to 6.78% from 6.96% the previous week, the first decline since June and the biggest one-week drop since March.
The rate remains well above the 5.54% recorded just one year ago and the pre-pandemic average of 3.9%.
Read More : Mortgage Rates Experience Significant Dip, Marking Biggest Decline Since March