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yesterday

Mortgage Rates Drop to Four-Week Low as 30-Year Fixed Hits 6.77%

Easing Treasury yields from softer geopolitical risks alongside a Fed rate hold have nudged down borrowing costs despite elevated home prices

President Donald Trump’s tariffs on imports have added economic uncertainty. The Federal Reserve has paused cutting interest rates because of this.
The Mortgage Research Center says the average rate for a 30-year Fixed refinance loan dropped to 6.68% and was down 2.51% since last week.
FILE - A for sale sign stands outside a residence in Niles, Ill., Monday, July 1, 2024. (AP Photo/Nam Y. Huh, File)
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Overview

  • The average rate on a 30-year fixed mortgage fell to 6.77 percent, marking its lowest level since early May and the fourth consecutive week of declines.
  • Rates for 15-year fixed loans declined to 5.89 percent while 30-year refinance rates slid to 6.68 percent, their lowest readings in several months.
  • The Federal Reserve has maintained its benchmark rate at 4.25 to 4.5 percent since December, keeping broader borrowing costs relatively stable.
  • Reduced geopolitical tensions have driven down Treasury yields, which serve as a key benchmark for mortgage pricing.
  • High home prices and borrowing costs continue to weigh on housing market activity, leaving sales sluggish despite modest rate relief.