30-Year Mortgage Rate Falls to 7.23% as 10-Year Treasury Yield Eases
Updated
Updated · The Wall Street Journal · Nov 4
30-Year Mortgage Rate Falls to 7.23% as 10-Year Treasury Yield Eases
2 articles · Updated · The Wall Street Journal · Nov 4
Summary
Bankrate’s national average for a 30-year fixed mortgage slipped to 7.23% on Nov. 4, down from both the prior day and a week earlier, while the 15-year fixed rate stood at 6.61%.
The move followed the 10-year Treasury yield lower after mortgage rates had climbed to about 7.50% earlier in October and then eased into the 7.30% range by month-end.
Rates remain elevated because the Federal Reserve kept its benchmark at 3.75% to 4% on Oct. 28 and inflation concerns have discouraged cuts; CME FedWatch still points to another increase at the next meeting.
The high-rate backdrop raises borrowing costs for homebuyers: a Bankrate study said borrowers who fail to compare offers can pay about $78,000 more over a loan’s life, underscoring forecasts for rates to stay near 7.50% through 2027.