The average long-term U.S. mortgage rate fell for the third straight week, offering some relief to prospective homebuyers facing higher home prices.
The average 30-year fixed-rate mortgage in the U.S. declined to 7.18% from 7.24% last week, mortgage buyer Freddie Mac said Thursday. One year ago, the average rate was 6.22%.
Borrowing costs on 15-year fixed-rate mortgages, often sought by borrowers refinancing a home loan, also fell again this week. That average rate dipped to 6.57% from 6.60% last week. A year ago, it was at 5.50%.
Lower mortgage rates relieve some of the pressure on prospective homebuyers facing higher borrowing costs on home loans.
Rates on home loans are influenced by inflation, Federal Reserve policy and bond-market investors' expectations for the economy, among other factors. They generally follow the trajectory of the 10-year Treasury yield, which lenders use as a guide to pricing home loans.
Thursday at midday, the yield on the 10-year Treasury fell to 4.84%, its lowest level in nearly two months.
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The average US 30-year mortgage rate falls to 7.18% this week, its third straight decline
The average long-term mortgage rates in the U.S. decreased for the third consecutive week, offering some respite. The average 30-year fixed-rate mortgage declined to 7.18% from 7.24%, according to Freddie Mac. Additionally, the 15-year fixed-rate mortgages saw a drop to 6.57%, slightly down from last week. These lower rates help to alleviate the financial burden on prospective homebuyers facing…
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- The Economic Times
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- 179 words · 1 min
Where this came from
This story was first published by The Economic Times on 5 Nov 2026. HUE Legacy Ventures did not write it.
Carried in full with attribution and a link to the original. Rights remain with the publisher, who may request removal at any time.