Summary
The average long-term mortgage rate for a 30-year U.S. home loan has slightly increased to 6.24% from 6.22% last week. Mortgage rates are influenced by factors like the Federal Reserve's interest rate policy and bond market trends. Despite a recent dip in rates, the housing market remains challenged by high borrowing costs and falling home sales.
Key Facts
- The average mortgage rate for a 30-year loan is now 6.24%.
- A week ago, the rate was 6.22%, and a year ago, it was 6.78%.
- The rate for 15-year fixed-rate mortgages has decreased slightly to 5.49%.
- Mortgage rates are influenced by the Federal Reserve’s policies and the bond market.
- Sales of occupied homes in the U.S. declined last year to their lowest in nearly 30 years.
- Applications for home purchases increased nearly 6% last week.
- The Trump administration is considering a 50-year mortgage to help with housing affordability.
- The Federal Reserve does not directly set mortgage rates, but its actions can influence them.
