US 30-Year Mortgage Rate Falls to 7.32%, First Decline Since Late August

The average U.S. 30-year fixed-rate mortgage fell to 7.32% this week from 7.40%, Freddie Mac said Thursday, marking the first decline since late August and offering modest relief to prospective homebuyers. A year ago, the rate stood at 6.19%. The 15-year fixed-rate mortgage, often used for refinancing, slipped to 6.68% from 6.71% last week, versus 5.44% a year earlier. Mortgage rates track the 10-year Treasury yield, which lenders use to price home loans. Rates have climbed since late February, when the U.S. war with Iran began, lifting oil prices and inflation, while heightened bond-market volatility pushed Treasury yields higher. The 10-year yield was at 5% midday Thursday, down from above 5.30% earlier this month but well above its pre-war 3.97% level. The recent easing follows the 30-year rate reaching 7.4%, its highest in nearly three years.