The average interest rate for a 30-year fixed mortgage has dropped to 6.85% this week, as reported by Freddie Mac, marking the fifth week in a row that rates have declined.

This recent decrease in mortgage rates may offer some relief to homebuyers and those looking to refinance their existing loans, as lower rates can make home financing more affordable.

The sustained decline suggests a shift in market dynamics, possibly influenced by various economic factors, such as inflation rates and Federal Reserve policies.

Experts indicate that these lower mortgage rates could stimulate demand in the housing market, as potential buyers may be encouraged to enter the market during this favorable period.

Overall, as mortgage rates continue their downward trajectory, prospective homeowners may find a more advantageous environment for purchasing or refinancing, potentially contributing to increased activity in the real estate sector.