US mortgage rates dip 3rd week, 30-year 7.18% 15-year 6.57%
Business
Good news if you're watching the housing market: US 30-year fixed mortgage rates have dipped for the third week in a row, now sitting at 7.18% (down from last week's 7.24%).
The 15-year rate also nudged down to 6.57%. It's not a huge drop, but every bit helps when borrowing costs are this high.
US Treasury 10-year yield at 4.84%
This slight dip is offering some relief to people trying to buy homes while prices and interest rates are both up.
Mortgage rates usually follow the 10-year Treasury yield, which just hit its lowest point in nearly two months at 4.84%.
For perspective, a year ago the average 30-year rate was quite a bit lower at 6.22%, so things are still pricey, but any downward trend is welcome news for anyone hoping to buy soon.