Average rate on a 30-year mortgage falls to 6.73%, lowest level since early February

AP Business Writer

LOS ANGELES (AP) — The average rate on a 30-year mortgage fell this week to its lowest level since early February, easing borrowing costs for prospective homebuyers facing record-high home prices. The rate dropped to 6.73% from 6.78% last week, mortgage buyer Freddie Mac said Thursday. A year ago, the rate averaged 6.9%. After jumping to a 23-year high of 7.79% in October, the average rate on a 30-year mortgage has mostly hovered around 7% this year — more than double what it was just three years ago. The elevated mortgage rates have discouraged home shoppers, extending the nation’s housing slump into its third year.