Mortgage rates dip slightly for the first time in six weeks, but remain steeper than last year
The benchmark 30-year fixed rate slipped to 6.67%, Freddie Mac said, as cooling inflation and labor data eased pressure on bond yields.
- On Thursday, Freddie Mac reported the average 30-year fixed mortgage rate declined to 6.67% from 6.69% last week, marking the first decrease after five consecutive weeks of increases.
- Fresh data revealing a cooling labor market and easing inflation last month helped push borrowing costs down, reducing pressure on Federal Reserve officials to raise interest rates in coming months.
- Despite Brent crude oil easing near $87, long-term bond yields remain steeper than before the conflict with Iran began in late February, keeping mortgage pricing elevated this year.
- Sales fell 4.1% in July according to Redfin, as the housing market continues to struggle despite the rate decline; the median existing-home sale price reached $434,100, up 2% from a year earlier per the National Association and Realtors.
- Odds of a quarter-point rate hike in September fell to 38% from 48% following the latest consumer price index report, according to CME Group Inc. and FedWatch, as investors adjusted their monetary policy outlook.
37 Articles
37 Articles
Mortgage Rates Fall to the Lowest Level in Four Weeks, but Still Higher Than Before the Iran War
The average interest rate on a 30-year fixed mortgage stands at 6.69%, which is down from a rate as high as 6.83% in late July, according to Mortgage News Daily. The decline in mortgage rates corresponds to drops in oil prices and Treasury yields, which closely track mortgage rates, ABC News reported.
Morning Business Report: Mortgage rates fall after six straight weeks of increases - 41NBC News
(LILAMAX)- Buying a home became slightly cheaper this week as mortgage rates fell for the first time following six consecutive weeks of increases. The average rate on a 30-year mortgage dropped to 6.67% through Wednesday, according to Freddie Mac. That’s down from 6.69% a week earlier. A weakening job market and easing inflation helped keep interest rates from moving higher. Consumers are also seeing some relief when it comes to prescription med…
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BizTocUS Mortgage Rates Dip To 6.67% After Five Weeks Of Increases
The average U.S. 30-year fixed mortgage rate fell slightly this week after five consecutive weeks of increases, offering some relief to prospective homebuyers. According to Freddie Mac, the rate declined to 6.67 percent from 6.69 percent the previous week, although borrowing costs remain higher than they were a year ago.The report said recent data showing a cooling labor market and easing inflation helped push borrowing costs lower and reduced e…
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