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Mortgage Rates Hit 11-Month Low Amid Labor Market Weakness and Falling Yields
Mortgage Rates Hit 11-Month Low Amid Labor Market Weakness and Falling Yields
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BTCCSquare news:
Mortgage rates have plunged to their lowest levels since October 2024, with the 30-year fixed-rate average dropping to 6.35% from 6.50% last week—the sharpest weekly decline this year. The 15-year fixed rate followed suit, falling to 5.5%. The slide mirrors a retreat in Treasury yields after jobless claims surged to 263,000, the highest since October 2021.
Homebuyers are cautiously re-entering the market, buoyed by the rate relief. Freddie Mac reports purchase applications have notched their strongest annual growth rate in over four years. While affordability remains strained, the dip in borrowing costs offers respite for buyers and a potential thaw for sellers after months of stagnant demand.
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