After two straight weekly increases, the average long-term U.S. mortgage rate came back down again this week but remains a significant hurdle for many prospective homebuyers.
Mortgage buyer Freddie Mac reported Thursday that the average on the benchmark 30-year rate fell to 6.33% from 6.48% last week. A year ago the average rate was 3.45%.
— a sixth straight monthly decline — Fed officials have signaled that they may raise the central bank's main borrowing rate another three-quarters of a point in 2023, which would be in a range of 5% to 5.25%. Rates for 30-year mortgages usually track the moves in the 10-year Treasury yield, which lenders use as a guide to pricing loans. Investors’ expectations for future inflation, global demand for U.S. Treasurys and what the Federal Reserve does with interest rates can also influence the cost of borrowing for a home.
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