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Mortgage rates at 6.66%, suggesting limited near-term downward momentum
Freddie Mac data shows the average 30-year fixed rate rose to 6.66% as the 10-year Treasury yield has trended higher over the past three months.
Mortgage rates have been above 6.5% for most of the past four months, with Freddie Mac reporting that the average 30-year fixed-rate mortgage was 6.66% as of August 27, up one basis point from the prior week.
The same update shows the average 15-year fixed-rate mortgage at 5.98%, up three basis points from last week and 29 basis points higher than a year earlier, with mortgage rates generally moving in step with the bond market.
Yahoo Finance notes that the rise in home loan rates is mirroring increased pressure on Treasury yields, as the 10-year yield has mostly moved higher over the past three months.
The article points to inflation and the federal deficit as key bond-market concerns, citing remarks from William Raveis Mortgage and arguing that the outlook for rate cuts may be limited while employment, growth, and inflation remain supportive of higher rates.