Average US long-term mortgage rate eases to 6.37% after rising five weeks in a row
The average long-term U.S. mortgage rate eased this week, offering modest relief to prospective homebuyers after borrowing costs climbed to a nearly seven month high.
The benchmark 30 year fixed mortgage rate fell to 6.37% from 6.46% last week, Freddie Mac said Thursday. A year ago, it averaged 6.62%.
Six weeks ago, the average rate dipped just under 6% for the first time since late 2022, a positive sign for buyers as the spring homebuying season began. But the war with Iran then pushed oil prices higher and raised inflation concerns.
Those concerns drove up the yield on 10 year U.S. Treasury bonds, which banks use to price home loans.
The 10 year Treasury yield was 4.28% in midday trading Thursday, down slightly from 4.3% a week ago. It was 3.97% in late February, before the war began.
