The average rate on a 30-year mortgage in the United States edged lower this week, ending a six-week climb, slipping to 6.78 percent from 6.79 percent last week.
Borrowing costs on 15-year fixed-rate mortgages also eased this week, with the average rate slipping to 5.99 percent from 6 percent last week, still down from 6.76 percent a year ago.
Mortgage rates are influenced by several factors, including the yield on US 10-year Treasury bonds. Rising bond yields are expected to lead to higher mortgage rates in the future.
Despite recent upward movements, the average rate on a 30-year mortgage is significantly lower than its peak of 7.22 percent in May, showing recent improvement for borrowers.
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