The average rate on a 30-year mortgage in the U.S. slipped this week to its lowest level in two years, boosting home shoppers’ purchasing power as they navigate a housing market with prices near all-time highs. Mortgage buyer Freddie Mac said Thursday that the rate dipped to 6.08% from to 6.09% last week. A year ago, the rate averaged 7.31%. Rates have been mostly declining since July in anticipation of last week’s move by the Federal Reserve to cut its main interest rate for the first time in more than four years. While the Fed doesn’t set mortgage rates, its policy pivot clears a path for mortgage rates to go lower.
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