30-year U.S. mortgage rate drops to 6.43%, lowest since mid-May
The average 30-year fixed mortgage rate fell to 6.43% this week, its lowest level since mid-May, according to Freddie Mac data.
The average 30-year fixed-rate mortgage slipped to 6.43% from 6.49% the previous week, marking the lowest level since May 14, Freddie Mac reported on Thursday. The rate a year ago stood at 6.67%.
The average rate on 15-year fixed mortgages also eased, declining to 5.79% from 5.84% and hovering near the 5.8% level recorded a year earlier.
Freddie Mac noted that mortgage rates are shaped by the Federal Reserve’s policy stance, bond-market expectations for inflation and economic growth, and typically move in line with the 10-year Treasury yield, which lenders use as a pricing benchmark.