Mortgage rates hit 4.99%, falling below 5% for the first time since April

Mortgage rates fell to their lowest level since April, providing a payoff for potential homebuyers who have been hit by higher rates and rising prices this year.

The average interest rate on a 30-year fixed-rate mortgage was 4.99% this week, down from 5.30% a week earlierAccording to a survey of mortgage giants Freddie Mac fifth publication. While interest rates are still well above where they were a year ago, they have fallen rapidly in recent weeks from a 13-year high of 5.81% in June.

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