While 30-year mortgage rates dipped for the second consecutive week, they remain close to 7%, offering limited respite to aspiring homeowners anticipating the spring buying season. The rates are influenced by various factors, including the bond market's reaction to the Federal Reserve's interest rate policies.
The average rate on a 30-year mortgage in the U.S. eased for the second week in a row, but remains just below 7%, little relief for prospective home shoppers looking ahead to the spring homebuying season. The rate fell to 6.95% from 6.96% last week, mortgage buyer Freddie Mac said Thursday. A year ago, it averaged 6.63%. Borrowing costs on 15-year fixed-rate mortgages, popular with homeowners seeking to refinance their home loan to a lower rate, also eased this week.
The average rate dropped to 6.12% from 6.16% last week. A year ago, it averaged 5.94%, Freddie Mac said. Mortgage rates are influenced by several factors, including how the bond market reacts to the Federal Reserve’s interest rate policy decisions. The average rate on a 30-year mortgage briefly fell to a 2-year low just above 6% last September, but has been mostly rising since then, echoing a sharp rise in the 10-year Treasury yield, which lenders use as a guide for pricing home loans
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