Mortgage Rates Ease Again, but Remain Higher than This Time Last Year
Freddie Mac said the decline was the second straight weekly drop, though mortgage costs remain well above a year ago and continue to limit homebuyers.
- Freddie Mac reported the benchmark 30-year mortgage rate fell to 6.65% from 6.67% last week, offering a reprieve following recent volatility in the Treasury yield.
- With bond yields marching higher in recent months on worries about high inflation and the war with Iran, the Treasury Department said Wednesday it would double bond buybacks to help pull down rates.
- Borrowing costs on 15-year fixed-rate mortgages also eased to 5.95% from 5.96% last week, though one year ago the average rate was 6.58%.
- Despite the recent pullback, rates remain elevated compared with last year, limiting homebuyer purchasing power as sales of previously occupied homes were essentially flat last year, stuck at a 30-year low.
- Expectations from investors and Federal Reserve policy decisions influence these rates, which generally follow the trajectory of the 10-year Treasury yield as a guide for mortgage lenders.
19 Articles
19 Articles
Mortgage Rates Are Lower This Week. Could They Drop Further?
Mortgage rates eased downward this week. It's a minor movement for a surprisingly busy news week — there's a lot going on at the moment that has implications for potential home buyers and refinancers.The average rate on a 30-year fixed-rate…
Mortgage rates fall for second consecutive week
Mortgage rates fell for the second week in a row, 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 6.65% from last week's reading of 6.67%. 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"With a dip in rates pr…
US mortgage rates fall for second straight week to 6.65%
The slight dip in mortgage rates may boost buyer confidence, potentially easing the housing market's stagnation and benefiting first-time buyers. The post US mortgage rates fall for second straight week to 6.65% appeared first on Crypto Briefing.
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