The average long-term U.S. mortgage rate fell again this week, positive news for potential homebuyers after rates reached their highest level since November earlier this month.
Mortgage buyer Freddie Mac said Thursday that the average rate on the benchmark 30-year home loan slipped to 6.69% from 6.71% last week. A year ago, the rate averaged 5.78%. Despite easing the past two weeks, the average rate is only down slightly from its 2023 high of 6.79% set in early June.
The average rate on 15-year fixed-rate mortgages, popular with those refinancing their homes, rose this week to 6.10% from 6.07% last week. A year ago, it averaged 4.81%, Freddie Mac said.
The pullback comes a day after the Federal Reserve decided to forgo another increase in its benchmark interest rate. The pause in hikes followed 10 straight increases in 15 months. But the central bank also warned that it could raise interest rates two more times this year in its battle against inflation.
Investors’ expectations for future inflation, global demand for U.S. Treasurys and what the Fed does with interest rates influence rates on home loans.
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Source: abcnews.go.com
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