Average long-term mortgage rates fall; 30-year loan at 5.1%
Economic uncertainty and weakened homebuyer demand continue to loom over mortgage rates.
Mortgage buyer Freddie Mac reported that the 30-year rate declined to 5.1% from 5.25% last week.
The average rate on 15-year, fixed-rate mortgages dipped to 4.31% from 4.43% last week.
Higher borrowing rates appear to be slowing the housing market, a crucial sector of the economy.
Homeownership has become an increasingly difficult aspiration, especially for first-time buyers.