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The Average 30-Year US Mortgage Rate Dips to 7.24%, the Lowest Level in More than a Month.
Freddie Mac said the decline was driven by easing 10-year Treasury yields after rates earlier this month hit nearly three-year highs.
- Freddie Mac reported Thursday that the benchmark 30-year mortgage rate fell to 7.24% from 7.32% last week, marking the second consecutive weekly decline.
- Mortgage rates have been influenced by inflation, Federal Reserve policy, and bond-market investor expectations; rates surged to 7.4% earlier this month, the highest level in nearly three years.
- Lenders use the 10-year Treasury yield as a pricing guide for home loans; rising rates have added roughly $350 to monthly costs for a $400,000 mortgage.
- Borrowing costs on 15-year fixed-rate mortgages, often sought by those refinancing a home loan, also fell this week alongside the broader decline in long-term rates.
- Home sales remain stalled this year as elevated mortgage costs limit purchasing power, with many prospective buyers continuing to postpone purchases despite the modest rate relief.
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Long-term mortgage rates in the United States declined during the second consecutive week.
The average 30-year US mortgage rate dips to 7.24%, the lowest level in more than a month. – WTOP News
WASHINGTON (AP) — The average long-term U.S. mortgage rate declined for the second straight week, falling to its lowest level in more than a month. The benchmark 30-year fixed-rate mortgage fell to 7.24% from 7.32% last week, mortgage buyer Freddie Mac said Thursday. One year ago, the average rate was 6.17%. Borrowing costs on 15-year...
·Chevy Chase, United States
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BizTocThe average 30-year US mortgage rate dips to 7.24%, the lowest level in more than a month
The average long-term U.S. mortgage rate declined for the second straight week, falling to its lowest level in more than a month. The benchmark 30-year fixed-rate mortgage fell to 7.24% from 7.32% last week, mortgage buyer Freddie Mac said Thursday.
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Total News Sources22
Leaning Left2Leaning Right4Center12Last UpdatedBias Distribution67% Center
Bias Distribution
- 67% of the sources are Center
67% Center
11%
C 67%
R 22%
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