Mortgage Rates Drop for 3rd Consecutive Week

The US is seeing a continued decline in mortgage rates, providing some relief to prospective homebuyers and current homeowners considering refinancing. Freddie Mac reports that the average rate for a 30-year mortgage has decreased from 6.95% to 6.89% over the past week; the average rate stood at 6.64% a year ago. Similarly, 15-year fixed-rate mortgages have seen rates fall from 6.12% to 6.05%, slightly higher than last year's 5.9%.

These rates are influenced by broader economic factors, including the bond market's reaction to the Federal Reserve's interest rate policies and the 10-year Treasury yield, which has been rising since a dip last September. (This story was generated by Newser's AI chatbot. Source: the AP)