WASHINGTON (AP) — The average long-term U.S. mortgage rate fell for the second week in a row, easing to its lowest level in more than a month.
The benchmark 30-year fixed-rate mortgage declined to 7.24% from 7.32% the previous week, mortgage buyer Freddie Mac said. A year earlier, the average stood at 6.17%.
Rates on 15-year fixed-rate mortgages, which are often used by homeowners refinancing their loans, also moved lower. That average slipped to 6.60% from 6.68% the week before. A year earlier, it was 5.41%.
Home-loan rates are shaped by inflation, Federal Reserve policy and bond investors’ expectations for the economy, among other influences. They typically track the direction of the 10-year Treasury yield, which lenders use as a benchmark for pricing mortgages.
The yield stood at 4.98% in midday trading on the bond market Thursday. It rose above 5.30% earlier in the month and remains well above its 3.97% level before the war with Iran.
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