Rates dip to lowest level in more than a month
The average 30-year fixed mortgage rate declined to 7.24%, its lowest level in more than a month, Freddie Mac said. The 15-year rate fell to 6.60%. Both remained above year-ago levels.
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 fixed-rate mortgages, often sought by borrowers refinancing a home loan, also fell this week. That average rate dipped to 6.60% from 6.68% last week. A year ago, it was at 5.41%.
Rates on home loans are influenced by inflation, Federal Reserve policy and bond-market investors’ expectations for the economy, among other factors. They generally follow the trajectory of the 10-year Treasury yield, which lenders use as a guide to pricing home loans.
The yield was at 4.98% at midday on the bond market Thursday. It surged to more than 5.30% earlier this month and remains well above its 3.97% level from before the war with Iran.
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