U.S. 30-Year Mortgage Rate Eases to 6.65% as Treasury Buybacks Pull Down Yields
Updated
Updated · abcnews.com · Aug 20
U.S. 30-Year Mortgage Rate Eases to 6.65% as Treasury Buybacks Pull Down Yields
3 articles · Updated · abcnews.com · Aug 20
Summary
Freddie Mac’s benchmark 30-year mortgage rate slipped to 6.65% from 6.67%, marking a second straight weekly decline, while the 15-year rate edged down to 5.95% from 5.96%.
Treasury’s plan to at least double bond buybacks over the next few months helped push yields lower after the 10-year Treasury hit its highest level in more than a year; it stood at 4.71% midday Thursday.
Rates still remain above year-ago levels—6.58% for 30-year loans and 5.69% for 15-year mortgages—because bond yields have stayed elevated since the late-February U.S.-Iran war and the oil-driven inflation fears it sparked.
Higher borrowing costs have kept pressure on housing demand, with the market in a slump since 2022, existing-home sales stuck at a 30-year low last year, and July sales slowing again.