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Average US long-term mortgage rate eases to 6.36% in first drop after two straight weekly increases
Freddie Mac said the 30-year fixed rate fell for the first time in three weeks as bond yields and oil prices shaped borrowing costs.
- Freddie Mac reported Thursday that the benchmark 30-year fixed mortgage rate fell to 6.36% from 6.37% last week, marking the first drop after two consecutive weeks of increases.
- Mortgage rates are influenced by Federal Reserve policy decisions and investor expectations for the economy, with energy market volatility following the closure of the Strait of Hormuz near Iran driving inflation concerns.
- Borrowing costs for 15-year fixed-rate mortgages eased this week, while the yield on the 10-year Treasury note hovered at 4.44% during midday trading on Thursday.
- Compared to the 6.81% average recorded one year ago, rates remain lower, though they have trended higher since the conflict began and have not slipped under 6% since late February.
- Expectations of higher oil prices continue to push up the yield on the 10-year Treasury note, which lenders utilize as a primary guide when pricing home loans.
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19 Articles
The average rate on long-term mortgages in the United States fell slightly after having risen for the previous two weeks.
·Calhoun, United States
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Coverage Details
Total News Sources19
Leaning Left2Leaning Right2Center11Last UpdatedBias Distribution74% Center
Bias Distribution
- 74% of the sources are Center
74% Center
13%
C 74%
13%
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