US 30-year mortgage rate falls to 7.24%, lowest in a month
Summarised from 2 outlets · Updated 29 Oct, 16:41 · Archive
The average 30-year US mortgage rate has fallen to 7.24%, the lowest level in more than a month.
The average 30-year US mortgage rate has fallen to 7.24%, down from 7.32% the previous week, according to mortgage buyer Freddie Mac. The 15-year fixed-rate mortgage rate also declined to 6.60% from 6.68%. This marks the lowest level for the 30-year rate in more than a month, providing some relief to prospective homebuyers facing high borrowing costs.
Mortgage rates had climbed significantly since late February following geopolitical tensions that pushed up oil prices and drove inflation higher. The 30-year rate had reached 7.4% earlier this month, its highest level in nearly three years. Mortgage rates are influenced by inflation, Federal Reserve policy and bond-market investors' expectations, and generally track the 10-year Treasury yield, which lenders use to price home loans.
The 10-year Treasury yield has been easing this month after climbing to its highest level since 2002, contributing to the decline in mortgage rates. The yield stood at 4.98% at midday Thursday, having surged to more than 5.30% earlier in the month. One year ago, the 30-year rate was 6.17%.
How it is being reported
- The 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.Clickorlando · 29 Oct, 16:01
- The 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.News4Jax · 29 Oct, 16:01
In this story: Freddie Mac · United States · Iran · Federal Reserve
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