Average rate on a 30-year mortgage drops to 6.5%, lowest level since last October

The long-term rate eased to 6.5% from 6.56% last week, mortgage buyer Freddie Mac said Thursday. A year ago, the rate averaged 6.35%. Borrowing costs on 15-year fixed-rate mortgages, popular with homeowners refinancing their home loans, also fell. The average rate slipped to 5.6% from 5.69% last we...

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