"The average long-term mortgage rate slipped to 6.27% from 6.3% last week, mortgage buyer Freddie Mac said Thursday. A year ago, the rate averaged 6.44%. The latest dip brings the average rate to just above 6.26%, where it was four weeks ago after a string of declines brought down home loan borrowing costs to their lowest level since early October 2024."
"Mortgage rates are influenced by several factors, from the Federal Reserve's interest rate policy decisions to bond market investors' expectations for the economy and inflation. They generally follow the trajectory of the 10-year Treasury yield, which lenders use as a guide to pricing home loans. The 10-year yield was at 4.02% at midday Thursday, down from around 4.14% the same time last week."
Average 30-year mortgage rates declined to 6.27% from 6.30% the prior week and remain just above the roughly 6.26% level reached four weeks earlier. The average 15-year fixed rate eased to 5.52% from 5.53%, compared with 5.63% a year ago. Mortgage rates tend to follow the 10-year Treasury yield, which was 4.02% midday Thursday, down from about 4.14% last week. Rates began declining in July ahead of the Federal Reserve's recent rate cut, but higher inflation or trade-driven tariff increases could prompt policy shifts and lift mortgage rates.
Read at www.bostonherald.com
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