U.S. mortgage rates dropped slightly after their weeks-long climb, according to Freddie Mac.
The 30-year fixed mortgage averaged 4.85 percent for the week ending Oct. 18, down from 4.9 percent the previous week. A year ago, mortgage rates stood at 3.88 percent.
Favorable mortgage rates have helped drive U.S. home sales, as well as the refinance market.
Sam Khater, Freddie Mac’s chief economist, said after seven weeks of rising rates, mortgage rates had been at their highest level since the week…
