U.S. mortgage rates dip Slightly to Lowest in Almost A Month!
Bloomberg mortgage rates in the U.S. dipped to the lowest level in almost a month.
The average for a 30 year loan was 2.86%, down from 2.88% last week and the lowest since Aug. 19, Freddie Mac said in a statement Thursday.
It was a small move for rates, which have not budged much since August. Cheaper mortgages have enabled the pandemic home buying rally and then borrowers with existing loans to save money by refinancing.
The 30-year average reached a record low of 2.65% in 2020 and sunk at the beginning of this year. It has climbed since then, tracking yields for 10 years of bonds, which have been above 1% since January.
In coming months the Federal Reserve will likely stop holding rate to get lower on monthly loans, a move that could gradually push up mortgage rates.