Rates have fallen swiftly from their 13-year high of 5.81% in June
Mortgage rates dropped to their lowest level since April, offering a reprieve to prospective home buyers who have been hit this year with higher rates and surging prices.
The average rate on a 30-year fixed-rate mortgage is 4.99% this week, down from 5.30% a week earlier, according to a survey by mortgage giant Freddie Mac published Thursday. Though rates remain well above their levels from a year ago, they have fallen swiftly in recent weeks from their 13-year high of 5.81% in June.
Sales of previously owned homes fell for a fifth straight month in June, according to the most recent data from the National Association of Realtors.
Mortgage rates are tied closely to the 10-year U.S. Treasury yield, which tends to move in tandem with expectations for the Fed’s benchmark rate. On Monday, the 10-year yield slipped to its lowest level since April.
I posted a similar news article with a dramatic headline 1 month back: link here. On that week:
Mortgage rates in the US posted the biggest one-week decline since 2008.
The average for a 30-year loan fell to 5.3%, the lowest in a month and down from 5.7% last week, Freddie Mac said in a statement Thursday.
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