Average mortgage rate slips below 7%, falling for first time in 5 weeks
- The average rate on a 30-year mortgage in the U.S. Fell to 6.96% this week, marking its first decline after five consecutive weeks of increases.
- The average rate on a 15-year fixed-rate mortgage dropped to 6.16% this week, down from 6.27% last week, according to Freddie Mac.
- Mortgage applications increased last week, but the overall trend has been subdued due to high mortgage rates, as stated by the Mortgage Bankers Association.
- This week's decline in mortgage rates is attributed to a pullback in bond yields, particularly the yield on the U.S. 10-year Treasury.
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Total News Sources0
Leaning Left2Leaning Right1Center3Last UpdatedBias Distribution50% Center
Bias Distribution
- 50% of the sources are Center
50% Center
L 33%
C 50%
R 17%
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