Mortgage Rates Drop After Three Weeks of Increases

Mortgage rates declined this week but remain near multiyear highs, helping make it the least affordable time to purchase a home since before the financial crisis.

The average rate on a 30-year, fixed-rate mortgage fell to 5.70%, mortgage-finance giant Freddie Mac said Thursday. That is down from 5.81% last week but up from 3.22% at the beginning of the year.