Please ensure Javascript is enabled for purposes of website accessibility

Why COVID Is Spreading Again This Summer

20 hours ago

Amid Threats From Trump, Sen. Adam Schiff Forms Legal Defense Fund

23 hours ago

Israel to Place $500 Million, US-Funded Order for Boeing Aerial Refueling Tankers

24 hours ago

Hurricane Erin Threatens North Carolina’s Outer Banks With Storm Surge

24 hours ago

Israel Approves Settlement Plan to ‘Erase’ Idea of Palestinian State

24 hours ago

Tech Stocks Pressure Wall Street as Caution Sets in Ahead of Fed Meet

1 day ago

Most Americans Believe Countries Should Recognize Palestinian State, Reuters/Ipsos Poll Finds

1 day ago

Gabbard Revokes Security Clearances of 37 Current, Former US Intelligence Members

2 days ago

Trump Escalates Attacks Against the Smithsonian Institution

2 days ago

California Republicans File Suit Seeking to Block Newsom Redistricting Plan

2 days ago
Average US Rate on a 30-Year Mortgage Dips to 6.64% for the Second Drop in 2 Weeks
gvw_ap_news
By Associated Press
Published 5 months ago on
April 3, 2025

A for sale sign stands outside a home on the market in the Alamo Placita neighborhood Tuesday, Aug. 27, 2024, in central Denver. (AP File)

Share

Getting your Trinity Audio player ready...

The average rate on a 30-year mortgage in the U.S. edged lower for the second week in a row, a modest but welcome boost for prospective home shoppers in the midst of the spring homebuying season.

The rate fell to 6.64% from 6.65% last week, mortgage buyer Freddie Mac said Thursday. A year ago, the rate averaged 6.82%.

The average rate has mostly trended lower since reaching just over 7% in mid-January. When mortgage rates decline, they boost homebuyers’ purchasing power.

Borrowing costs on 15-year fixed-rate mortgages, popular with homeowners refinancing their home loans, also fell this week, pulling the average rate down to 5.82% from 5.89% last week. A year ago, it averaged 6.06%, Freddie Mac said.

Mortgage rates are influenced by factors including bond market investors’ expectations for future inflation, global demand for U.S. Treasury and the Federal Reserve’s interest rate policy decisions.

The overall decline this year in the average rate on a 30-year mortgage loosely follows moves in the 10-year Treasury yield, which lenders use as a guide to pricing home loans.

Yield Nearing 4.8% in January

The yield, which was nearing 4.8% in mid-January, has mostly fallen since then, amid signs that the economy is slowing and worries that tariffs imposed by the Trump administration on goods imported from around the globe could hurt economic growth and fuel inflation.

The yield slid to 4.06% Thursday as a sharp sell-off on Wall Street following the White House’s latest and most severe volley of tariffs fueled expectations among bond investors that the Fed may have to cut its main interest rate if the economy sours.

“The 10-year Treasury has dipped even further this morning as investors are exiting the stock market, so it’s likely that mortgage rates will continue to come down in the coming months as a result,” said Joel Berner, senior economist at Realtor.com. “This shock to the system will be felt in the housing market for the rest of the year.”

Recent forecasts by housing economists generally called for the average rate on a 30-year mortgage to remain around 6.5% this year.

Lower mortgage rates can help spur home sales by make homeownership more affordable. At the same time, many Americans may put off buying a home if they’re worried about losing their job or taking a hit on their stock portfolio during an economic downturn.

“It remains to be seen whether relief from mortgage rates will spur buyers to make a move in 2025, or if the broader economic conditions will slow things down,” Berner said.

Sales Slump in US Housing Market

The U.S. housing market has been in a sales slump since 2022, when mortgage rates began to climb from pandemic-era lows. Sales of previously occupied U.S. homes fell last year to their lowest level in nearly 30 years.

Easing mortgage rates and more homes on the market nationally helped drive sales higher in February from the previous month, though they were down year-over-year.

Even with mortgage rates easing this year, rising home prices are helping to drive up the cost of homeownership. The typical monthly payment made by U.S. homebuyers climbed to a record-high $2,802 in the four weeks that ended March 20, according to Redfin.

RELATED TOPICS:

DON'T MISS

What Are Fresno Real Estate Experts Predicting for 2025 and Beyond?

DON'T MISS

First California EV Mandates Hit Automakers This Year. Most Are Not Even Close

DON'T MISS

California Supreme Court Paves the Way for Democrats’ Redistricting Plan

DON'T MISS

US Existing Home Sales Tick up Unexpectedly in July

DON'T MISS

Wall Street Stocks Fall, Traders Focus on Fed

DON'T MISS

Top Dem on Oversight Committee Demands Trump Administration Account for Wildland Firefighter Vacancies

DON'T MISS

California’s Finances Face a Perfect Storm. It Could Eventually Lead to Another Tax Hike

DON'T MISS

International Rapper Derrick ‘Aesop’ McElroy Who Called Fresno Home Dies at 51

DON'T MISS

Trump Administration to Vet Immigration Applications for ‘Anti-Americanism’

DON'T MISS

Texas Republicans Approve Trump-Backed Congressional Map to Protect Party’s Majority

DON'T MISS

Fresno County Authorities Seek Suspect in Casino Assault

DON'T MISS

Poll: California Dems Favor Newsom Over Harris in 2028 Matchup

UP NEXT

US Existing Home Sales Tick up Unexpectedly in July

UP NEXT

Wall Street Stocks Fall, Traders Focus on Fed

UP NEXT

Top Dem on Oversight Committee Demands Trump Administration Account for Wildland Firefighter Vacancies

UP NEXT

California’s Finances Face a Perfect Storm. It Could Eventually Lead to Another Tax Hike

UP NEXT

International Rapper Derrick ‘Aesop’ McElroy Who Called Fresno Home Dies at 51

UP NEXT

Trump Administration to Vet Immigration Applications for ‘Anti-Americanism’

UP NEXT

Texas Republicans Approve Trump-Backed Congressional Map to Protect Party’s Majority

UP NEXT

Fresno County Authorities Seek Suspect in Casino Assault

UP NEXT

‘Moral Conflict’ Drives Dem Doubts About Newsom’s Redistricting Plan

UP NEXT

Fresno Animal Center at Critical Capacity After Receiving Over 100 Dogs

Top Dem on Oversight Committee Demands Trump Administration Account for Wildland Firefighter Vacancies

32 minutes ago

California’s Finances Face a Perfect Storm. It Could Eventually Lead to Another Tax Hike

33 minutes ago

International Rapper Derrick ‘Aesop’ McElroy Who Called Fresno Home Dies at 51

15 hours ago

Trump Administration to Vet Immigration Applications for ‘Anti-Americanism’

16 hours ago

Texas Republicans Approve Trump-Backed Congressional Map to Protect Party’s Majority

16 hours ago

Fresno County Authorities Seek Suspect in Casino Assault

16 hours ago

Poll: California Dems Favor Newsom Over Harris in 2028 Matchup

17 hours ago

‘Moral Conflict’ Drives Dem Doubts About Newsom’s Redistricting Plan

17 hours ago

Fresno Animal Center at Critical Capacity After Receiving Over 100 Dogs

17 hours ago

Fresno Police Arrest Two SoCal Men in Homicide Investigation

18 hours ago

California Supreme Court Paves the Way for Democrats’ Redistricting Plan

The California Senate on Thursday was set to act on newly drawn political maps aimed at giving Democrats five more seats in Congress, counte...

21 minutes ago

California Governor Gavin Newsom speaks at a press conference, accompanied by members of the Texas Democratic legislators, at the governor’s mansion in Sacramento, California, U.S., August 8, 2025. (Reuters File)
21 minutes ago

California Supreme Court Paves the Way for Democrats’ Redistricting Plan

A "For Sale" sign stands in front of a house, on the North Shore of Long Island city of Glen Cove, New York, U.S., August 12, 2025. (Reuters File)
28 minutes ago

US Existing Home Sales Tick up Unexpectedly in July

U.S. one hundred dollar notes are seen in this picture illustration taken in Seoul February 7, 2011. (Reuters File)
30 minutes ago

Wall Street Stocks Fall, Traders Focus on Fed

Ventura County Firefighter Battles the Park Fire
32 minutes ago

Top Dem on Oversight Committee Demands Trump Administration Account for Wildland Firefighter Vacancies

California State Capitol
33 minutes ago

California’s Finances Face a Perfect Storm. It Could Eventually Lead to Another Tax Hike

Derrick 'Aesop' McElroy
15 hours ago

International Rapper Derrick ‘Aesop’ McElroy Who Called Fresno Home Dies at 51

A U.S. Citizenship and Immigration Services (USCIS) naturalization ceremony in New York City, U.S., September 17, 2021. (Reuters File)
16 hours ago

Trump Administration to Vet Immigration Applications for ‘Anti-Americanism’

State Representative Matt Morgan (R-TX) holds a map of the new proposed congressional districts in Texas, during a legislative session as Democratic lawmakers, who left the state to deny Republicans the opportunity to redraw the state's 38 congressional districts, begin returning to the Texas State Capitol in Austin, Texas, U.S. August 20, 2025. (Reuters/Sergio Flores)
16 hours ago

Texas Republicans Approve Trump-Backed Congressional Map to Protect Party’s Majority

Search

Help continue the work that gets you the news that matters most.

Send this to a friend