Mortgage rates drop below 5% for first time since April

The 30-year fixed-rate mortgage averaged 4.99% in the week ending August 4, down from 5.3% the week before, according to Freddie Mac. But that is still significantly higher than this time last year when it was 2.77%.Rates rose sharply at the start of the year, hitting a high of 5.81% in mid-June. But since then, …

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