Skip to Content
AP-National

Little relief: Mortgage rates ease, pulling the average rate on a 30-year home loan to just below 7%

By
Published 12:36 pm

By ALEX VEIGA
AP Business Writer

LOS ANGELES (AP) — The average rate on a 30-year mortgage dipped to just below 7% this week, little relief for prospective homebuyers already facing the challenges of rising housing prices and a relatively limited inventory of homes on the market. The rate fell to 6.99% from 7.03% last week, mortgage buyer Freddie Mac said Thursday. A year ago, the rate averaged 6.71%. Mortgage rates are influenced by several factors, including how the bond market reacts to the Federal Reserve’s interest rate policy and the moves in the 10-year Treasury yield, which lenders use as a guide to pricing home loans. Yields eased this week following economic data showing slower growth.

Article Topic Follows: AP-National

Jump to comments ↓

Associated Press

Related Articles

BE PART OF THE CONVERSATION

KION 46 is committed to providing a forum for civil and constructive conversation.

Please keep your comments respectful and relevant. You can review our Community Guidelines by clicking here

If you would like to share a story idea, please submit it here.