The average rate on a 30-year mortgage in the U.S. fell this week to its lowest level in 19 months, reflecting a pullback in Treasury yields ahead of an expected interest rate cut from the Federal Reserve next week
A"For Sale" sign is displayed in front of a home in Morton Grove, Ill., Sunday, August. 25, 2024. .
Mortgage rates are influenced by several factors, including how the bond market reacts to the Fed’s interest rate policy decisions. That can move the trajectory of the 10-year Treasury yield, which lenders use as a guide to pricing home loans.The yield, which topped 4.7% in late April, has pulled back sharply since then in anticipation of a Fed rate cut. It was at 3.68% in midday trading in the bond market Thursday.
After climbing to a 23-year high of 7.79% in October, the average rate on a 30-year mortgage has hovered around 7% for most of this year. That’s more than double what it was just three years ago.
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