Mortgage rates edged toward a new yearly low in the wake of weak job market data and ahead of a key Fed meeting.
The average rate for a 30-year fixed mortgage was 6.35% in the week through Wednesday, according to Freddie Mac data, down from 6.5% a week earlier. The rate on a 15-year loan was 5.5%, down from 5.6%. Both marks are at their lowest point since October 2024.
The latest leg down started on Friday, when 10-year Treasury yields, which closely track mortgage rates, plunged after the Bureau of Labor Statistics data showed that the US added just 22,000 jobs in August. Revisions to earlier data also slashed job gains from May to July.
Treasury yields continued to drift downward Thursday following a surge in weekly jobless claims and inflation data that were largely in line with economists’ expectations.
Claire Boston | Yahoo Finance