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The average 30-year fixed mortgage rate dropped to 3.06% last week, down 0.05% from last week. Even though mortgage rates have not been below 3% since February, they are still considered historically low.

ABOUT THE LATEST MORTGAGE RATES

Last week’s average mortgage rate is based on mortgage rate information provided by national lenders to Bankrate.com, which like NextAdvisor is owned by Red Ventures.

Despite the low rates, homebuyers face unique challenges. Demand is up and inventory is low, which drives up home values. This

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