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Mortgage rates bounce slightly after nearing 10-month highs
The average lender rate for a top-tier 30-year fixed fell or improved to 6.5% as lower oil prices eased inflation pressure tied to recent U.S.-Iran tensions.
Mortgage rates moved off recent levels after rapidly nearing 10-month highs, according to Mortgage News Daily. The improvement was described as modest, with the average lender dropping 0.03% to 6.5% for a top-tier 30-year fixed scenario.
Mortgage News Daily said one reason to stay cautious is that the rate uptick depends on oil price volatility following this week's resurgence in U.S.-Iran tensions. The outlet noted that oil moved lower on the day, which can reduce inflation pressure and support lower rates.
The outlet added that while the oil and rates link is not always consistent, they have been clearly correlated during this period, including many weeks since the start of the Iran war. Overall, rates are drifting sideways in a narrow range near 10-month highs as investors wait for more concrete catalysts.