Freddie Mac Cuts 30-Year Mortgage Rate to 6.43% as 10-Year Treasury Yield Slips
Updated
Updated · Mortgage Professional · Jul 6
Freddie Mac Cuts 30-Year Mortgage Rate to 6.43% as 10-Year Treasury Yield Slips
3 articles · Updated · Mortgage Professional · Jul 6
Summary
The average 30-year fixed mortgage rate fell to 6.43% in the week ended July 2, its lowest level in seven weeks, extending recent relief for borrowers.
A more than 1-basis-point dip in the 10-year Treasury yield early Monday helped the move, with investors waiting for FOMC minutes for clues on whether the Fed may cut or raise rates next.
Freddie Mac said the drop could support housing activity, but mortgage demand has barely responded: MBA data showed applications up just 0.04% in the week ended June 26.
Affordability remains the main brake, with LendingTree estimating only 38% of non-homeowner households can afford a $200,000 starter home and the median household falling more than $7,000 short in annual income.
Fresh jobless claims and June existing home sales due Thursday may show whether lower rates can offset broader risks, including weaker June payroll growth and lingering trade uncertainty.