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3w ago

Mortgage Rates Fall for Fifth Week as 30-Year Average Hits 6.67%

Cooler inflation with softening Treasury yields has propelled mortgage rates to mid-April lows, with refinancing applications surging alongside rising pending home sales.

FILE - This July 13, 2008, file photo, shows the Freddie Mac headquarters in McLean, Va. (AP Photo/Pablo Martinez Monsivais, File)
Mortgage refinancings are up.
Mortgage rates in US: A jumbo loan is a mortgage that's bigger than the loan limit set by the FHFA for that area.
The average rate for a 30-year fixed jumbo mortgage is 6.80%, down by 0.02%.

Overview

  • The average 30-year fixed mortgage rate declined for a fifth straight week to 6.67%, Freddie Mac data shows, while the Mortgage Research Center reports a drop to 6.61%.
  • The average 15-year fixed rate eased to 5.80% according to Freddie Mac and to 5.57% per the Mortgage Research Center, extending multi-week declines.
  • Refinance rates for 30-year loans remain near early-April lows at 6.97%, and refinancing applications jumped 7% week-over-week, the Mortgage Bankers Association reports.
  • Pending home sales increased by 1.8% in May as borrowing costs softened, according to the National Association of Realtors.
  • Economists caution that mortgage rates are likely to stay within a 6%–7% range in the near term as Treasury yields and Federal Reserve policy stabilize.