While rates were on the rise at the beginning of the year, the 30-year fixed-rate mortgage averaged 5.30% in the week ending July 7. This was down from 5.70% the week before. Economic concerns have pushed them lower in recent weeks.
Rates are still higher than they have been compared to last year, but there is a silver lining for homebuyers: more homes are hitting the market.
The drop in mortgage rates in the week ending July 7 follows a recent drop in the 10-year Treasury yield to below 2.8% in the first week of July. It is important to remember that the Federal Reserve does not set interest rates borrowers pay on mortgages, but its actions can influence them.
Recent Comments