Mortgage rates dip slightly for the first time in six weeks, but remain steeper than last year
The benchmark 30-year fixed rate slipped to 6.67%, Freddie Mac said, as cooling inflation and labor data eased pressure on bond yields.
- On Thursday, Freddie Mac reported the average 30-year fixed mortgage rate declined to 6.67% from 6.69% last week, marking the first decrease after five consecutive weeks of increases.
- Fresh data revealing a cooling labor market and easing inflation last month helped push borrowing costs down, reducing pressure on Federal Reserve officials to raise interest rates in coming months.
- Despite Brent crude oil easing near $87, long-term bond yields remain steeper than before the conflict with Iran began in late February, keeping mortgage pricing elevated this year.
- Sales fell 4.1% in July according to Redfin, as the housing market continues to struggle despite the rate decline; the median existing-home sale price reached $434,100, up 2% from a year earlier per the National Association and Realtors.
- Odds of a quarter-point rate hike in September fell to 38% from 48% following the latest consumer price index report, according to CME Group Inc. and FedWatch, as investors adjusted their monetary policy outlook.
30 Articles
30 Articles
tippinsights
BizTocUS Mortgage Rates Dip To 6.67% After Five Weeks Of Increases
The average U.S. 30-year fixed mortgage rate fell slightly this week after five consecutive weeks of increases, offering some relief to prospective homebuyers. According to Freddie Mac, the rate declined to 6.67 percent from 6.69 percent the previous week, although borrowing costs remain higher than they were a year ago.The report said recent data showing a cooling labor market and easing inflation helped push borrowing costs lower and reduced e…
Fox Business
The New York LedgerMortgage rates fall for first time in 6 weeks
Mortgage rates fell for the first time in six weeks, mortgage buyer Freddie Mac said Thursday.Freddie Mac's latest Primary Mortgage Market Survey, released Thursday, showed the average rate on the benchmark 30-year fixed mortgage fell to 6.67% from last week's reading of 6.69%. The average rate on a 30-year loan was 6.58% a year ago.SLOWING LABOR MARKET CREATES NEW HURDLE FOR FIRST-TIME HOMEBUYERS FACING AFFORDABILITY SQUEEZE"Housing affordabili…
Mortgage Rates in the US Edge Lower for First Time in Six Weeks
US mortgage rates fell slightly for the first time since in six weeks, after fresh data revealed that the labor market is cooling and the Iran war may have had a more muted impact on inflation last month.
Coverage Details
Bias Distribution
- 45% of the sources are Center
Factuality
To view factuality data please Upgrade to Premium
