Average 30-year fixed mortgage rates fell 2 basis points this week amid easing Treasury yields and softer inflation data.
The average 30-year fixed mortgage rate declined to 6.67% from 6.69% last week, reflecting a pullback in Treasury yields. The 10-year yield, a key driver of mortgage rates, dropped to 4.643% from a recent high near 4.71% earlier this week.
A year ago, the 30-year mortgage rate stood at 6.58%, while the 10-year yield reached a low of 3.93% earlier this year. Current rates remain elevated, with the 30-year mortgage up 69 basis points and the 10-year yield up 71 basis points from their 2024 lows.
The decline follows softer-than-expected CPI and PPI data, easing inflation concerns and supporting a bond-market rally. If sustained, this could push mortgage rates closer to 6.5% or below. The 15-year fixed mortgage rate also fell to 5.96% from 6.01% last week.