Mortgage rates ease after rising five weeks in a row
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The average US long-term mortgage rate has eased to 6.37% after rising for five weeks in a row, providing modest relief for prospective homebuyers. The decline in rates follows a period of increases that added hundreds of dollars to monthly costs for home shoppers, limiting their purchasing power.
The average US long-term mortgage rate dropped to 6.37% from 6.46% last week. This decline follows five straight increases. The 30-year fixed rate mortgage rate is now back to where it was two weeks ago. The 15-year fixed-rate mortgage rate also eased, dropping to 5.74% from 5.77% last week. Mortgage rates are influenced by the Federal Reserve's interest rate policy and bond market investors' expectations. The US housing market has been in a slump since 2022, with sales of previously occupied homes stuck at a 30-year low.
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