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Mortgage rates dip as oil prices fall and yields drop

Average top-tier 30-year fixed mortgage rates fell 0.04% to the lowest levels in nearly a week, after bond yields moved with lower oil prices.

Reported · Written up by our desk · Mortgages

Mortgage News Daily reports that fuel prices continued to drive much of the day-to-day movement in interest rates, and that same linkage pushed mortgage rates lower.

The outlet said early reports of progress in a peace process via Pakistani mediators coincided with a sharp drop in oil prices, which then pulled down bond yields.

Because bond yields are correlated with mortgage rates, lenders were generally able to offer lower rates when yields declined, depending on the timing and size of the move.

In this instance, Mortgage News Daily cited a 0.04% drop in average top-tier 30-year fixed mortgage rates, bringing the rates to their lowest levels in nearly a week.

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