US Mortgage Rates Ease Slightly, Offering Relief to Homebuyers

The average rate on a 30-year mortgage in the U.S. has slightly decreased to 6.81% from 6.84% last week, remaining near 7% after recent increases. This rate is still lower than the 7.22% average from a year ago. Meanwhile, 15-year fixed-rate mortgages have seen a slight increase. Mortgage rates are influenced by the yield on U.S. 10-year Treasury bonds, which has eased recently. Despite a slight improvement in inventory, elevated mortgage rates and rising home prices continue to challenge potential homebuyers, with U.S. home sales projected to hit their lowest since 1995. Economists expect mortgage rates to remain volatile but generally hover around 6% by 2025.