Freddie Mac reports slight dip in 30-year mortgage rates to 6.67%
The average rate on a 30-year fixed mortgage fell to 6.67% from 6.69% last week, according to Freddie Mac’s latest survey.
Freddie Mac said Thursday that the average rate on the benchmark 30-year fixed mortgage decreased to 6.67%, a modest decline from 6.69% the previous week. The 15-year fixed rate also slipped, falling to 5.96% from 6.01%.
Sam Khater, Freddie Mac’s chief economist, noted that housing affordability has improved compared with a year ago and that recent upticks in purchase and refinance applications indicate borrowers are responsive to even small rate changes.
Realtor.com senior economist Joel Berner linked the modest movement in mortgage rates to the 10-year Treasury yield, which hovered around 4.64% on Thursday, and to ongoing geopolitical tensions that have kept inflation expectations elevated. He said the current environment offers limited downward pressure on rates and that the present level may persist in the coming months.