AI Generated Image
Mortgage rates fall to 6.65%: Freddie Mac
Fox Business • • business
Key Points:
- Mortgage rates declined for the second consecutive week, with the average rate on a 30-year fixed mortgage falling to 6.65% from 6.67% last week, according to Freddie Mac's Primary Mortgage Market Survey.
- The average 15-year fixed mortgage rate also decreased slightly to 5.95% from 5.96% the previous week, offering modest relief to homebuyers amid affordability challenges.
- Mortgage rates closely follow the 10-year Treasury yield, which remained around 4.7%, despite the 30-year Treasury hitting a nearly 20-year high and prompting government intervention to stabilize the market.
- Elevated U.S. Treasury yields are influenced by factors such as federal debt growth, with the government projected to run a $2.1 trillion budget deficit this fiscal year, contributing to historic high yields in recent Treasury auctions.
- Experts advise homebuyers to shop around for the best mortgage rates, as even small differences can result in significant savings over the life of a loan.
