There’s good and bad news for mortgage rates this week. The good news is rates have continued their slow downward trend, averaging 6.87% on 30-year, fixed-rate mortgages, Freddie Mac reported.
Although this is promising, lowering interest rates is far from the norm. Last week, 30-year mortgages had average rates of 6.95%. However, compared to a year ago when rates averaged 6.67%, this week and last week’s rates are still relatively high. Still, any improvement is better than nothing.
"Mortgage...