Mortgage Rates Drop Most in 41 Years

U.S. mortgage rates fell by the most in more than four decades this week. The rate on a 30-year fixed home loan averaged 6.61%, down from 7.08% last week, which had been the highest in decades, according to Freddie Mac data released Thursday. The rate remains sharply higher than a year ago.

Rates fell after economic data showed that inflation appears to have peaked. That ushered in more sanguine sentiment in financial markets, which drove down the yield on the 10-year Treasury note, which mortgage rates tend to follow.

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