Mortgage Rates Stay Steady Despite Inflation Data, Remain Near 7%
Mortgage rates saw a slight decline this week, averaging 6.85% for 30-year fixed-rate loans, according to Freddie Mac. The 15-year rate dropped to 6.04%.
Financial markets remained unmoved by recent inflation data, and no significant economic releases this week influenced investor sentiment.
Despite minor fluctuations, 10-year Treasury yields, which track mortgage rates, remain near 4.5% from a week ago.
Mortgage applications for home purchases declined by 6%, while refinancing applications fell by 7%. Mortgage applications are at their lowest level of the year.
"Prospective homebuyers are waiting for better supply and affordability before entering the market," said MBA President Bob Broeksmit.
However, Freddie Mac's chief economist, Sam Khater, expressed optimism as rates remain below 7% for the fifth consecutive week, potentially boosting buyer and seller confidence ahead of the spring home-buying season.