US 30-Year Mortgage Rate Falls to 7.24%, Extending Two-Week Decline
Summary
- The US 30-year fixed mortgage rate extended its decline for a second straight week, falling to 7.24%.
- The latest rate decline came as the yield on the US 10-year Treasury fell and investors shifted money from technology stocks into Treasuries.
- Still, the mortgage rate remains more than 1 percentage point higher than a year ago, continuing to weigh on home-buying affordability and demand.
Forecast Trend Report by Period
The average rate on a 30-year fixed mortgage in the US fell for a second straight week as Treasury yields declined.
Walter Bloomberg reported on October 29, citing Freddie Mac, that the average rate on a 30-year fixed mortgage stood at 7.24%. That was down 0.08 percentage point from 7.32% a week earlier.
The rate was also 0.16 percentage point below 7.40% recorded two weeks ago.
The decline coincided with a drop in the yield on the 10-year US Treasury note. Investors shifting funds from technology stocks into Treasuries also appear to have contributed to lower Treasury yields.
Still, mortgage rates remain more than 1 percentage point higher than a year ago. Higher borrowing costs continue to weigh on home-buying affordability and demand.
JH Kim
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