Average 30-year U.S. mortgage rate drops to lowest level since October
Summary
The average rate for a 30-year mortgage in the U.S. has decreased to 6.58%, its lowest in almost 10 months. This decline may help the stagnant housing market, but high home prices still make buying a home tough for many people. Mortgage refinancing applications have increased as more homeowners seek to take advantage of lower rates.Key Facts
- The average rate on a 30-year mortgage dropped to 6.58% this week.
- This is the lowest rate since October 24, 2022.
- Rates for 15-year fixed-rate mortgages also dropped to 5.71%.
- Higher mortgage rates have led to a slowdown in home sales since early 2022.
- Mortgage applications increased by 10.9% as refinancing activity surged.
- Adjustable-rate mortgage applications increased by 25%.
- The U.S. housing market saw its lowest home sales in nearly 30 years last year.
- The 10-year Treasury yield, a guide for setting mortgage rates, was 4.29% as of Thursday.
Read the Full Article
This is a fact-based summary from The Actual News. Click below to read the complete story directly from the original source.