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Top-tier 30-year fixed mortgage rates slip to 7.17%
Mortgage News Daily links the easing in rates to lower oil prices tied to renewed expectations around reopening the Strait of Hormuz, alongside weaker bond yields later in the day.
Mortgage News Daily reported that mortgage rates were largely steady on Tuesday, but edged lower for top-tier borrowers. The average lender now shows top-tier 30-year fixed rates at 7.17%, down from 7.19% the prior day.
The 7.17% reading matches rates from September 14. Mortgage News Daily noted that levels higher than this were not seen until going back to January 2025.
The outlet attributed the shift to “familiar sources,” saying oil prices moved lower after overnight headlines raised the possibility of a reopening of the Strait of Hormuz.
Mortgage News Daily added that, while there was some pullback during the day, both oil and bond yields declined again in the afternoon after additional war-related headlines suggested improving conditions.