US average 30-year fixed mortgage rate falls to 7.32%, first decline in nine weeks

Freddie Mac's average 30-year fixed rate fell from 7.4% to 7.32% for the week through Wednesday, Yahoo Finance reports. Bloomberg says it was the first drop in nine weeks, but the rate remained near its highest since November 2023 and gave sellers little comfort. Yahoo, citing the Mortgage Bankers Association, also reports a 7% weekly drop in mortgage applications for new home purchases through Friday.