Mortgage rates ease to 6.37%, leaving housing market stuck
The 30-year mortgage rate slipped to 6.37%, but homebuyers still face high borrowing costs and a market stuck in a holding pattern.
The 30-year mortgage rate slipped to 6.37%, but homebuyers still face high borrowing costs and a market stuck in a holding pattern.
Freddie Mac’s 30-year mortgage rate slipped to 6.37% after a five-week climb, but economists still see a fragile housing market.
Freddie Mac said the average 30-year mortgage rate fell to 6.37%, ending a five-week climb after the U.S.-Iran ceasefire eased inflation worries.
Mortgage applications fell 10.5% last week as the average 30-year fixed rate rose to 6.38% and the 10-year Treasury yield surged.
Freddie Mac’s average 30-year fixed rate rose to 6.38% for a fourth straight week, and a $450,000 buyer pays about $1,120 more per year than a month ago.
Freddie Mac reported the average 30-year fixed rate fell to 6.01%, the lowest since September 2022, as mortgage applications rose 2.8% but pending sales slid 0.8%.