Rising cost of homes is a concern for borrowers. (Source: Shutterstock)
Mortgage rates in the U.S. dropped closer to historic lows this week, but that may do little to help first-time buyers as starter homes vanish.
The average rate for a 30-year fixed mortgage was 3.55%, down from 3.6% last week and the lowest since November 2016, Freddie Mac said in a statement Thursday. A year ago, it was more than 4.5%. The 15-year average slipped to 3.03% from 3.07%.
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