By MATT OTT, AP Business Writer
WASHINGTON (AP) — Average long-term U.S. mortgage rates fell for a second consecutive week, reaching their lowest level in more than a month.
Freddie Mac said the benchmark 30-year fixed-rate mortgage declined to 7.24% from 7.32% a week earlier. A year ago, the average stood at 6.17%.
Rates on 15-year fixed mortgages, which are often used by homeowners looking to refinance, also moved lower. That average dropped to 6.60% from 6.68% the previous week. A year earlier, it was 5.41%.
Home loan rates are shaped by inflation, Federal Reserve policy and investors’ outlook for the economy, among other forces. They usually move in step with the 10-year Treasury yield, which lenders use as a reference when pricing mortgages.
The 10-year yield was 4.98% at midday in bond trading on Thursday. It had climbed above 5.30% earlier this month and remains well above its 3.97% level from before the war with Iran.
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