US Mortgage Rates Post Biggest 1-Day Drop in 3 Months as Trump Eases Iran Strike Fears
Updated
Updated · Deseret News · Oct 9
US Mortgage Rates Post Biggest 1-Day Drop in 3 Months as Trump Eases Iran Strike Fears
2 articles · Updated · Deseret News · Oct 9
Summary
Mortgage News Daily’s 30-year index fell 0.09 percentage point Thursday to 7.5%, its biggest one-day drop in three months after multiple lender cuts through the day.
Trump’s statement that the U.S. would not attack Iran before the Nov. 3 midterms helped calm war-driven market nerves, though Mortgage News Daily said no single event fully explained the move.
Freddie Mac’s weekly average still rose to 7.4%, up 0.12 point from last week and 1.1 points from a year earlier, showing borrowing costs remain near three-year highs.
Mortgage rates have climbed with long-term Treasury yields since the U.S.-Israel war began in late February, after briefly dipping below 6% for the first time since 2022.
Zillow economist Kara Ng said rate increases appear to be slowing and forecast the 30-year fixed rate at 7.1% by end-2026 and 6.5% by end-2027.