Yet in order for mortgage rates to drop significantly, the economy would have to weaken, which isn't great for those struggling to afford a home. On Thursday, jobless claims incre

After shooting to a one-year high two weeks ago, 30-year mortgage rates have fallen six of the last eight days and are now down to early-May levels.

WASHINGTON (AP) — The average rate on a 30-year mortgage in the U.S. fell this week for the first time in a month, but borrowing costs for homebuyers remain elevated. The long-term rate dipped to 6.85% from 6.89% last week, mortgage buyer Freddie Mac said Thursday. A year ago, the rate averaged 6.99%.