U.S. Mortgage Rates Slide to Lowest Level Since Early February
(Bloomberg) -- Mortgage rates in the U.S. dipped to the lowest level in almost six months.
The average for a 30-year loan was 2.77%, down from 2.8% last week and the lowest since Feb. 11, Freddie Mac said in a statement Thursday. Rates had previously dropped to the lowest level since early February on July 22.
Mortgage rates are tracking yields for the benchmark 10-year Treasuries, which slid to the lowest level since February earlier this week.
Rates have been below 3% for six weeks, inching closer to the record low of 2.65% reached in January. Cheaper borrowing costs have underpinned the pandemic housing rally.
©2021 Bloomberg L.P.