US 30-year mortgage rates drop to 7.32% 1st since August
Good news if you're eyeing a home: US 30-year mortgage rates just dropped for the first time since August, now sitting at 7.32% (down from 7.40% last week).
It's not a huge drop, but after months of steady hikes, it's a welcome break for anyone dealing with high borrowing costs.
For comparison, this time last year, rates were at 6.19%.
The 15-year fixed rate also nudged down to 6.68%.
Mortgage rates driven by Treasury yield
Mortgage rates move based on things like inflation, Federal Reserve decisions, and especially the 10-year Treasury yield, which has finally stabilized after hitting its highest point since 2002.
High rates have made it tough for buyers to afford homes and slowed down sales since they started climbing in 2022.
Depending on your situation, you might land a rate above or below these averages, but any drop is good news for hopeful homeowners right now.