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Mortgage rates fall to 6.67%: Freddie Mac
Fox Business • • business
Key Points:
- Mortgage rates declined for the first time in six weeks, with the average 30-year fixed mortgage rate dropping to 6.67% from 6.69%, according to Freddie Mac's latest survey.
- The average 15-year fixed mortgage rate also fell to 5.96% from 6.01% the previous week, indicating a slight easing in borrowing costs.
- Despite the decline, mortgage rates remain influenced by factors such as the Federal Reserve's policies, the 10-year Treasury yield, and geopolitical tensions, particularly the ongoing conflict in the Middle East.
- Housing affordability has improved compared to a year ago, encouraging more purchase and refinance applications, though inflation and Fed rate hikes continue to exert upward pressure on rates.
- Experts suggest mortgage rates may stay at current elevated levels in the near term due to persistent inflation concerns and the Fed’s focus on controlling inflation.
