Average 30-Year Mortgage Rate Ends 3-Week Slide
The average 30-year mortgage rate ticked up to 6% from 5.98% last week, while the 15-year rate averaged 5.43%, slightly down from 5.44% last week.
WASHINGTON – The average long-term U.S. mortgage rate came off its lowest level in three and a half years this week, as bond yields marched higher following a spike in oil prices due to the war with Iran.
The benchmark 30-year fixed rate mortgage rate ticked up to 6% from 5.98% last week, mortgage buyer Freddie Mac said Thursday. One year ago, the rate averaged 6.63%.
The modest increase ends a three-week slide in the average rate, which has been hovering around 6% this year. Last week’s average rate marked the first time it dropped below 6% going back to September 2022.
The 15-year fixed-rate mortgage averaged 5.43%, slightly down from last week when it averaged 5.44%. A year ago at this time, the 15-year rate averaged 5.79%.
Mortgage rates are influenced by several factors, from the Federal Reserve’s interest rate policy decisions to bond market investors’ expectations for the economy and inflation. They generally follow the trajectory of the 10-year Treasury yield, which lenders use as a guide to pricing home loans.
The 10-year Treasury yield was at 4.14% at midday Thursday, up from around 4% a week ago.
Treasury yields have climbed recently as rising oil prices put more upward pressure on inflation, which could keep the Federal Reserve from cutting interest rates.
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