The 10-year Treasury yield, with which mortgage rates often move, has slumped for three straight days.
Mortgage rates retreated from 23-year highs this week. Prospective home buyers have the Federal Reserve, the U.S. Treasury, and the jobs report to thank.
“The 30-year fixed-rate mortgage paused its multiweek climb but continues to hover under 8%,” Sam Khater, Freddie Mac’s chief economist, said in a statement. The possibility of another Federal Reserve rate hike before the end of the year, along with global political uncertainty, could “have an impact on the overall economic landscape and may continue to stall improvements in the housing market,” he said.
Since it’s a weekly average, Freddie Mac’s survey paints a smoothed picture of mortgage rates every week—but daily movements can be much more dramatic. Mortgage News Daily, whose survey of 30-year fixed mortgage rates is released every weekday, pegged the average rate at 7.51% on Thursday around noon—its second big slide in a row. The rate, which has fallen almost 0.40 percentage point since Tuesday, is well below the 8% it notched last month as Treasury yields rallied.
That’s a big “if”. The yield, with which mortgage rates often move, fell this week following a government jobs report that came in lower than expected, the Fed’s decision to pause rate increases, and the Treasury’s decision to hold fewer 10-year Treasury auctions than previously expected. Treasury yields and prices move in opposite directions.
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