Mortgage buyer Freddie Mac reported Thursday that the average on the benchmark 30-year rate fell to 6.09% from 6.13% last week. That’s the lowest level since September. The average rate a year ago was 3.55%.
The average long-term rate reached a two-decade high of 7.08% in late October and early November as the Federal Reserve continued to raise its key lending rate in a bid to cool the economy and tame inflation.rate 0.25 percentage points, its eighth increase in less than a year. That pushed the central bank’s key rate to a range of 4.5% to 4.75%, its highest level in 15 years.
While acknowledging that some measures of inflation have eased, Fed Chair Jerome Powell appeared to suggest Wednesday that he foresees two additional quarter-point rate hikes this year.Though those rate hikes do impact borrowing rates across the board for businesses and families, rates on 30-year mortgages usually track the moves in the 10-year Treasury yield, which lenders use as a guide to pricing loans. Investors’ expectations for future inflation, global demand for U.S.
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