Mortgage rates ease again, but remain higher than this time last year
Summary
U.S. mortgage rates dropped slightly for the second week in a row but are still higher than they were a year ago. Higher mortgage rates have made it harder for people to buy homes, contributing to slower home sales.Key Facts
- The average 30-year fixed mortgage rate decreased to 6.65% from 6.67% last week.
- One year ago, the 30-year mortgage rate was 6.58%.
- The 15-year fixed mortgage rate, often used for refinancing, fell slightly to 5.95% from 5.96%.
- A year ago, the 15-year mortgage rate was 5.69%.
- Mortgage rates usually move along with the 10-year Treasury yield, which is influenced by economic factors like inflation and Federal Reserve decisions.
- The 10-year Treasury yield rose to 4.71% from 3.97% before the war between the U.S. and Iran started in late February.
- Higher mortgage rates have slowed down U.S. home sales, which remain near a 30-year low.
- The U.S. Treasury plans to buy back more government bonds to help reduce bond yields and mortgage costs.
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