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.