The average 30-year U.S. mortgage rate remained at 6.58%, the lowest level in nearly ten months. The 15-year fixed-rate mortgage average fell to 5.69% from 5.71%. Both rates remain slightly above last year’s levels, with the 30-year at 6.46% a year earlier and the 15-year at 5.62%. Persistently high mortgage rates have contributed to a housing market sales slump since early 2022, leaving home sales near multi-decade lows. Mortgage rates are influenced by the 10-year Treasury yield, which was about 4.34% midday Thursday. The Federal Reserve has been cautious on rate cuts amid tariff-driven inflation concerns, while slowing hiring has increased speculation of a potential cut.
The average rate on a 30-year U.S. mortgage held steady this week at its lowest level in nearly 10 months, an encouraging sign for prospective homebuyers who have been held back by stubbornly high home financing costs. The long-term rate was unchanged from last week at 6.58%, mortgage buyer Freddie Mac said Thursday. A year ago, the rate averaged 6.46%. Borrowing costs on 15-year fixed-rate mortgages, popular with homeowners refinancing their home loans, edged lower. The average rate dropped to 5.69% from 5.71% last week. A year ago, it was 5.62%, Freddie Mac said.
Stubbornly high mortgage rates have helped keep the U.S. housing market in a sales slump since early 2022, when rates started to climb from the rock-bottom lows they reached during the pandemic. Home sales sank last year to their lowest level in nearly 30 years and have remained sluggish this year. For much of the year, the average rate on a 30-year mortgage has hovered relatively close to its 2025 high of just above 7%, set in mid-January. Since last week, the average rate has been at its lowest level since Oct. 24, when it averaged 6.54%.
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