Mortgage Rates Hit 10-Month Low in August
This post has been updated.
Average mortgage rates in August continued their steady decline and are now at their lowest rate since last November. According to , the 30-year fixed-rate mortgage averaged 6.59%, 13 basis points (bps) lower than July. Meanwhile, the 15-year rate declined 15 bps to 5.71%.
Compared to a year ago, the 30-year rate is higher by 9 basis points (bps), and the 15-year rate is marginally higher by 3 bps.
The 10-year Treasury yield, a key benchmark for long-term borrowing, averaged 4.29% in August – an 8 bps decrease from the previous month. Yields moved unevenly during the month: initially declining, then rising following July’s inflation report that noted an .
起点传媒 Economist Catherine Koh provides more insights in .