US Mortgage Rates Slightly Decrease – Buying a Home Remains Challenging

The average interest rates for a 30-year mortgage in the USA slightly decreased this week, but remain close to the 7% mark after predominantly rising in recent weeks. According to the mortgage financier Freddie Mac, the interest rate fell from 6.84% last week to 6.81%. Compared to the previous year, when the rate averaged 7.22%, this is a decline. The costs for 15-year fixed-rate mortgages, which are popular with homeowners looking to refinance their mortgage at a lower rate, rose this week. The average interest rate increased from 6.02% to 6.1%. A year ago, it averaged 6.56%, according to Freddie Mac. Mortgage rates are influenced by a variety of factors, including the yield on 10-year U.S. Treasury bonds. This serves as a guide for lenders in pricing home loans. After the yield was predominantly at 4.4% last week and below 3.70% in September, it has stabilized this week and stood at 4.23% by Wednesday noon. Due to increased mortgage rates and rising real estate prices, homeownership remains unaffordable for many potential buyers. Home sales in the USA are heading towards the worst year since 1995.