US 30-year mortgage rate falls for third week in a row

Summarised from 2 outlets · Updated 5 Nov, 17:51 · Archive

The average US 30-year fixed-rate mortgage has declined to 7.18% from 7.24% the previous week.

The average US 30-year fixed-rate mortgage declined to 7.18% from 7.24% the previous week, Freddie Mac reported Thursday. This marks the third straight week of declines. The 15-year fixed-rate mortgage average also fell, dropping to 6.57% from 6.60% the week before.

Mortgage rates are influenced by inflation, Federal Reserve policy and bond-market expectations. They generally follow the 10-year Treasury yield, which lenders use to price home loans. The 10-year Treasury yield has been easing for the past month after climbing to its highest level since 2002, and stood at 4.84% at midday Thursday.

Rates had been rising since late February, when the US war with Iran began, pushing up oil prices and driving inflation higher. The 30-year mortgage rate had peaked at 7.4% early last month, its highest level in nearly three years. One year ago, the 30-year rate was 6.22% and the 15-year rate was 5.50%.

How it is being reported

• The average US 30-year mortgage rate falls to 7.18% this week, its third straight declineThe average long-term U.S. mortgage rate fell for the third straight week, offering some relief to prospective homebuyers facing higher home prices.Clickorlando · 5 Nov, 17:00
• The average US 30-year mortgage rate falls to 7.18% this week, its third straight declineThe average long-term U.S. mortgage rate fell for the third straight week, offering some relief to prospective homebuyers facing higher home prices.News4Jax · 5 Nov, 17:00

In this story: Freddie Mac · Federal Reserve · United States

This summary was written by AI from the headlines and standfirsts above, and states as fact only what at least two outlets report. How we use AI · Report a problem · Corrections log