US 30-Year Mortgage Rates Fall 9 Basis Points to 7.41% for First Time Since August
Updated
Updated · Bloomberg · Oct 21
US 30-Year Mortgage Rates Fall 9 Basis Points to 7.41% for First Time Since August
3 articles · Updated · Bloomberg · Oct 21
Summary
The 30-year fixed contract rate dropped to 7.41% in the week ended Oct. 16, marking the first decline in more than two months, according to Mortgage Bankers Association data.
That 9-basis-point pullback offered only limited relief because borrowing costs remain near their highest levels since 2023.
Rates are still more than 1 percentage point above a year earlier, helping keep the US housing market moribund despite the weekly dip.
With experts predicting 7.5% mortgage rates through 2027, what hidden market forces are keeping borrowing costs stubbornly high despite recent dips?
As middle-class housing affordability vanishes, could the widening gap between Treasury yields and mortgage rates permanently freeze the American real estate market?
A tiny rate drop saves pennies, but could failing to shop around secretly cost you $78,000 in today's ruthless housing market?