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Mortgage Rates Dip to 7.32 Percent as the 10-Year Falls Below 5
Freddie Mac's 30-year average fell from 7.40 percent. A day later, a rush into Treasurys pushed the 10-year yield to its lowest close in more than a month.
The average 30-year fixed mortgage rate was 7.32 percent in Freddie Mac's weekly survey released October 22, down from 7.40 percent the week before. The 15-year fixed averaged 6.68 percent.
Rates could ease further. Mortgage rates track the 10-year Treasury yield, and that yield fell sharply on Thursday as investors moved into government bonds during a stock market sell-off led by technology shares, after a report that the U.S. and Israel might resume strikes on Iran pushed oil higher. Treasury's own daily figures put the 10-year at 4.96 percent on October 22, down 0.17 point in a day, its first close below 5 percent in about a month. The 2-year fell to 4.65 percent and the 30-year to 5.29 percent.
The Federal Reserve announces its next rate decision Wednesday, October 28; markets broadly expect it to hold its target range at 3.75 to 4 percent. Freddie Mac's survey reflects rates for borrowers with strong credit and a 20 percent down payment, so quotes vary. If you are shopping, compare the annual percentage rate and fees on the Loan Estimate each lender must give you within three business days of applying.
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