US 30-Year Mortgage Rate Rises to 6.49% as 10-Year Treasury Yield Holds at 4.38%
Updated
Updated · The Associated Press · Jun 25
US 30-Year Mortgage Rate Rises to 6.49% as 10-Year Treasury Yield Holds at 4.38%
3 articles · Updated · The Associated Press · Jun 25
Summary
Freddie Mac said the average 30-year fixed mortgage rate edged up to 6.49% this week from 6.47%, staying near 6.5% for a sixth straight week.
The 15-year fixed rate, often used for refinancing, also rose to 5.84% from 5.81%, while the 30-year rate remained below 6.77% a year earlier.
Mortgage costs have stayed elevated because bond yields and inflation expectations rose after the U.S.-Iran conflict disrupted Persian Gulf oil flows, even though oil prices have eased recently during peace talks.
The 10-year Treasury yield slipped to 4.38% from 4.46% a week ago but remains well above late February's 3.97%, with Fed signals of at least one more rate hike this year keeping pressure on borrowing costs.
That pressure has prolonged the housing slump: existing-home sales improved in May to their fastest pace since December, but still hovered near a 4 million annual rate versus a historic norm around 5.2 million.