Mortgage rates dip slightly for the first time in six weeks, but remain steeper than last year
Summary
U.S. mortgage rates fell slightly for the first time in six weeks but remain higher than they were a year ago. The average 30-year fixed mortgage rate dropped to 6.67%, offering slight relief to homebuyers, while 15-year fixed rates also decreased but stayed above last year’s levels.Key Facts
- The 30-year fixed mortgage rate fell to 6.67% from 6.69% last week.
- One year ago, the 30-year rate averaged 6.58%.
- The 15-year fixed mortgage rate dropped to 5.96% from 6.01%, but was 5.71% a year ago.
- Higher mortgage rates increase monthly loan costs and reduce homebuyers’ purchasing power.
- Sales of previously owned homes slowed in July as rising rates affected buyers.
- Mortgage rates are influenced by inflation, Federal Reserve policies, and bond market trends.
- The 10-year Treasury yield, which helps set mortgage rates, recently eased to 4.61% after reaching 4.72%.
- The U.S. war with Iran and rising oil prices earlier in the year pushed mortgage rates up; though oil prices have cooled, rates remain higher than before the conflict.
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