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Mortgage Rates Ease to 7.24 Percent, but Treasury Yields Bounced Back
The average 30-year fixed mortgage rate fell to 7.24 percent this week from 7.32 percent, and the 15-year to 6.60 percent from 6.68 percent, Freddie Mac said October 29. The survey mostly reflects last week's drop in Treasury yields. Since then, the 10-year Treasury yield has climbed back to 5.05 percent as of October 28, the day the Fed held rates steady with two officials voting for a hike, according to Treasury's daily figures, so next week's average may not fall further. Freddie Mac's averages assume strong credit and 20 percent down; compare Loan Estimates from several lenders.
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