Oct. 24 at 1:59 AM
Freddie Mac: Avg rate on a 30-yr US mortgage fell this week to 6.19% (lowest level in more than a year).
This is the 3rd straight weekly decline & it brings the avg rate to its lowest level since Oct 3, 2024, when it was 6.12%.
Mortgage rates generally follow the trajectory of the 10-year Treasury yield, which lenders use as a guide to pricing home loans - the 10-year yield was at 3.99% at midday Thursday.
Mortgage rates will have to drop below 6% to make refinancing an attractive option to a broader swath of homeowners b/c about 80% of US homes w/ a mortgage have a rate below 6% & 53% have a rate below 4%
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