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Average 30-year US mortgage rate falls to 6.43%, its lowest level in seven weeks
Easing oil-price pressure, driven by hopes of an end to the U.S.-Iran war, helped lower bond yields and mortgage rates.
- The benchmark 30-year fixed rate mortgage fell to 6.43% this week, Freddie Mac reported Thursday, marking the lowest level since mid-May and easing borrowing costs for prospective homebuyers.
- Rising inflation and bond yields, driven by the war between the United States and Iran since late February, have kept rates elevated as conflict disrupted crude oil flow from the Persian Gulf.
- Borrowing costs for 15-year fixed-rate mortgages also declined this week to 5.79% from 5.84%, while the 10-year Treasury yield fell to 4.46% from 4.48% late Wednesday.
- Sales of existing homes hover near 4 million annually, far below the 5.2 million historic norm, yet Lisa Sturtevant, chief economist at Bright MLS, said homebuyers are accepting mid-6% rates as normal.
- Uncertainty about rate trajectories amid the war with Iran keeps many potential homebuyers on the sidelines, though rates remain lower than at this time last year.
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Associated Press News+10 Reposted by 10 other sources
Average 30-year US mortgage rate falls to 6.43%, its lowest level in seven weeks
The average long-term U.S. mortgage rate fell this week to its lowest level since mid-May, easing borrowing costs for prospective homebuyers.
·New York, United States
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Mortgage Rates Edge Down, Mark Lowest Level Since Mid-May
The average 30-year-fixed mortgage rate dropped to its lowest level in seven weeks, but is still hovering in the mid-6% range, indicating to economists that buyers–mainly in the higher-income bracket–are coming to terms with this rate environment as the new normal. The average 30-year fixed mortgage rate decreased 6 basis points to 6.43% from 6.49%… The post Mortgage Rates Edge Down, Mark Lowest Level Since Mid-May appeared first on RISMedia.
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Coverage Details
Total News Sources14
Leaning Left5Leaning Right1Center7Last UpdatedBias Distribution54% Center
Bias Distribution
- 54% of the sources are Center
54% Center
L 38%
C 54%
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