By MATT OTT, AP Business Writer
WASHINGTON (AP) — The average rate on a 30-year U.S. mortgage ticked down modestly this week, remaining in the same narrow range of the past two months.
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Borrowing costs on 15-year fixed-rate mortgages, popular with homeowners refinancing their home loans, rose this week. The rate averaged 5.50%, up from 5.47% last week. A year ago it averaged 6%, Freddie Mac said.
Mortgage rates are influenced by several factors, from the Federal Reserve’s interest rate policy decisions to bond market investors’ expectations for the economy and inflation. They generally follow the trajectory of the 10-year Treasury yield, which lenders use as a guide to pricing home loans.
The 10-year yield was at 4.15% at midday Wednesday, up modestly from last week’s 4.12%.
The average rate on a 30-year mortgage has been mostly holding steady in recent weeks since Oct. 30 when it dropped to 6.17%, its lowest level in more than a year.
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