Share
WASHINGTON — U.S. long-term mortgage rates slipped this week, reflecting the stock market decline and rush by investors to Treasury notes.
Mortgage buyer Freddie Mac said Thursday that the average rate on the benchmark 30-year, fixed-rate mortgage fell slightly to 4.62 percent from to 4.63 percent last week. Rates averaged 3.94 percent a year ago.
The rate on 15-year fixed-rate loans held at 4.07 percent for the second straight week, up from 3.38 percent a year ago.
Causing Home Sales to Drop
Higher mortgage rates over the past year have caused home sales to drop. But mortgage rates have declined in recent weeks as fears about an economic slowdown have caused more investors to sell stocks and buy Treasury notes.
Amid the purchases, the interest on a 10-year Treasury has fallen from 3 percent to under 2.8 percent in the past month. Mortgage rates generally correspond with the interest charged on U.S. government debt.
Sam Khater, Freddie Mac’s chief economist, said that lower rates should help to boost home sales.
“Given the further drop in rates we’ve seen this month, we expect to see a modest rebound in home sales as well,” he said.
LA Judge Deals a Blow to Law Allowing Duplexes in Single-Family Tracts
3 hours ago
US Announces New Patriot Missiles for Ukraine as Part of New $6 Billion Aid Package
3 hours ago
Andy Reid and Taylor Swift Agree: Fresno’s Xavier Worthy Is a Great 1st-Round Draft Pick
3 hours ago
Egypt Sends Delegation to Israel, Its Latest Effort to Broker a Cease-Fire Between Israel and Hamas
4 hours ago
Antony Blinken Meets With China’s President Xi as US, China Spar Over Bilateral and Global Issues
4 hours ago
Key Questions About CA Budget Deficit Unanswered as Deadlines Loom
8 hours ago
Is This Your Next BFF? Meet Girlfriend, a Professionally Trained Adventure Dog!
8 hours ago
Tennessee Lawmakers Pass Bill Criminalizing Adults Assisting Minors in Gender-Affirming Care
21 hours ago
Political Stunt, Egg on His Face, Personal Vendetta. Who’s Fresno DA Talking About?