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CEO North America > News > Mortgage rates fall to the 5% range for first time since September

Mortgage rates fall to the 5% range for first time since September

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Mortgage rates fall to the 5% range for first time since September
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According to the Mortgage Daily News, the average rate on the 30-year fixed rate mortgage has fallen to 5.99%. That’s the lowest they’ve been since a dip last September.

The rate started this week at 6.21% and fell sharply Wednesday after Federal Reserve Chairman Jerome Powell said inflation “has eased somewhat but remains elevated,” which was a shift from previous language. That sent bond yields lower, and mortgage rates loosely follow the yield on the 10-year Treasury.

This drop may be a light at the end of the tunnel for many Americans looking to buy a mid-priced home. The historic drop in interest rates may also mean that homeowners who have mortgages from 2019 and older could potentially realize significant interest savings by refinancing. 

Tags: Housing marketinterest ratesMortage

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