Average 30-Year Mortgage Rate Falls Slightly

Interest rates on 30-year mortgages fell to 6.65% from 6.67% last week, while rates on 15-year mortgages rose to 5.89% from 5.83% last week, according to Freddie Mac.

New York – The average interest rate on a 30-year mortgage in the United States fell slightly this week, a welcome turn for homebuyers during what is traditionally the busiest time of year in the housing market.

The interest rate fell to 6.65% from 6.67% last week, mortgage broker Freddie Mac said Thursday. A year ago, the rate averaged 6.79%.

This is the first decline in the average interest rate after two straight weeks of increases. The average rate has been trending lower since mid-January, when it climbed to just over 7% — a welcome move for aspiring homebuyers struggling to afford a home after years of rising house prices.

Borrowing costs for 15-year fixed-rate mortgages, popular with homeowners refinancing their mortgages, rose this week, however, pushing the average interest rate to 5.89 percent from 5.83 percent last week. A year ago, the average rate was 6.11 percent, according to Freddie Mac.

Mortgage rates are affected by several factors, including bond market investors’ expectations of future inflation, global demand for U.S. Treasuries, and the Federal Reserve’s interest rate policy decisions.

The overall decline this year in the average 30-year mortgage interest rate follows moves in the 10-year Treasury yield, which lenders use as a guide to pricing mortgages.

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