Average US 30-year mortgage rate falls to 7.18 per cent
The decline marks the third consecutive weekly drop in long-term borrowing costs for prospective homebuyers.
The average 30-year fixed-rate mortgage in the US declined to 7.18 per cent from 7.24 per cent last week, according to the Economic Times.
Mortgage buyer Freddie Mac reported the figures on Thursday. This represents the third straight weekly decline for the long-term rate.
Borrowing costs for 15-year fixed-rate mortgages also fell this week. The average rate for these loans dipped to 6.57 per cent from 6.60 per cent last week.
One year ago, the average 30-year mortgage rate was 6.22 per cent, while the 15-year rate stood at 5.50 per cent.
Mortgage rates are influenced by inflation, Federal Reserve policy, and bond-market investors' expectations. They generally follow the 10-year Treasury yield.
On Thursday at midday, the yield on the 10-year Treasury fell to 4.84 per cent, which is its lowest level in nearly two months.
