Mortgage rates spend another week stuck near 7%
From Yahoo Finance: 2025-05-29 12:02:00
Mortgage rates rose slightly this week, with the average 30-year rate at 6.89% and the 15-year rate at 6.03%. Treasury yields, tracking mortgage rates, fluctuated amid US credit downgrade and Republican tax plan deficit implications.
Yields dropped after Trump delayed EU tariffs and consumer confidence rebounded. Rates are around 4.43%, similar to last week. Despite being lower than a year ago, high mortgage rates are a challenge for buyers, as home contract signings dipped sharply in April.
Mortgage applications to purchase homes increased by 3%, but refinancing applications decreased by 7%. Experts advise shoppers to compare rates for potential savings. Sam Khater, Freddie Mac’s chief economist, emphasizes the importance of shopping around for the best mortgage rate.
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