30-Year Mortgage Rates Dip Slightly After Prolonged Rise

The average rate on a 30-year mortgage in the U.S. decreased slightly to 6.78% this week, ending a six-week increase, according to Freddie Mac. This rate is lower than the 7.4% average from a year ago. The 15-year fixed-rate mortgage also saw a slight decrease. Mortgage rates are influenced by the yield on U.S. 10-year Treasury bonds, which have been rising due to economic growth and inflation expectations. Despite fluctuations, economists expect mortgage rates to remain around 6% in 2025, with the housing market continuing to experience a sales slump.