The average rate on a 30-year fixed U.S. mortgage declined this week to its lowest level since mid-May, providing some relief for prospective homebuyers after borrowing costs climbed through much of the spring as geopolitical tensions in the Middle East fueled inflation concerns and pushed bond yields higher.
The benchmark 30-year fixed mortgage rate fell to 6.43% from 6.49% a week earlier, while the average rate stood at 6.67% during the same period last year, according to Freddie Mac. The latest reading marks the lowest average since May 14, when the rate was 6.36%. The decline comes after mortgage rates spent several weeks hovering around the mid-6% range.
