(NEWSnet/AP) — The average rate on a 30-year mortgage in the U.S. fell for the second straight week.

The average 30-year rate fell from 7.09% to 7.02%, mortgage buyer Freddie Mac said Thursday.

The recent pullbacks followed a five-week string of increases that pushed the average rate to its highest level since Nov. 30, 2023.

“The decrease in rates, albeit small, may provide a bit more wiggle room in the budgets of prospective homebuyers,” said Sam Khater, Freddie Mac’s chief economist.

Borrowing costs on 15-year fixed-rate mortgages, popular with homeowners refinancing their home loans, also declined this week, trimming the average rate  from 6.38% to 6.28%.

Follow NEWSnet on Facebook and X platform to get our headlines in your social feeds.

Copyright 2024 NEWSnet and The Associated Press. All rights reserved.