BBC Gossip
  • Home
  • Health
  • News
  • Crime
  • Local News
  • People
  • Guest Post
BBC Gossip
BBC Gossip
  • Home
  • News
  • Health
  • People
  • Celebrities
  • Crime
  • Entertainment
  • Finance
  • Guest Post
Home “US 30-Year Mortgage Rate Reaches 8-Week Low Following Fifth Consecutive Weekly Drop”
  • Local News

“US 30-Year Mortgage Rate Reaches 8-Week Low Following Fifth Consecutive Weekly Drop”

    Average US rate on a 30-year mortgage slips to 8-week low after fifth-straight weekly decline
    Up next
    Federal judge blocks Trump admin deportation of 8 foreign nationals
    A federal judge stops the Trump administration from deporting 8 foreigners.
    Published on 20 February 2025
    Author
    BBC Gossip

    The average rate for a 30-year mortgage in the United States has decreased for the fifth consecutive week to reach its lowest point since late December. This drop is good news for individuals looking to buy a home, particularly during the peak season for home sales.

    The average rate fell to 6.85% from 6.87% last week, mortgage buyer Freddie Mac said Thursday. A year ago, it averaged 6.9%.

    Additionally, the interest rates on 15-year fixed-rate mortgages, which are popular among homeowners looking to refinance for a lower rate, have also seen a decline this week. The average rate dropped from 6.09% to 6.04%. For comparison, a year ago, the average rate was 6.29%, according to Freddie Mac.

    The combination of increasing home prices and higher mortgage rates has resulted in added monthly costs for borrowers, deterring many potential homebuyers from entering the market. This situation is especially challenging for first-time buyers who lack the equity from an existing home to use towards their new home purchase.

    Sales of previously occupied U.S. homes fell last year to their lowest level in nearly 30 years, extending a national home sales slump that began in 2022 as mortgage rates began to climb from their pandemic-era lows.

    The average rate on a 30-year mortgage is now at its lowest level since Dec. 26, when it was also 6.85%. It briefly fell to a 2-year low last September, but has been mostly hovering around 7% this year.

    “This stability continues to bode well for potential buyers and sellers as we approach the spring homebuying season,” said Sam Khater, Freddie Mac’s chief economist.

    The inventory of U.S. homes on the market climbed last month to its highest level since June 2020, according to data from Redfin. But mortgage rates and prices remain an unaffordable combination for many would-be homebuyers.

    Despite the recent easing in mortgage rates, home loan applications fell 5.5% last week from the previous week to the lowest level since the start of the year, according to the Mortgage Bankers Association.

    “Purchase activity was higher than year-ago levels, but many prospective homebuyers are waiting for supply and affordability conditions to improve meaningfully before jumping into the market,” said Bob Broeksmit, the MBA’s CEO.

    Mortgage rates are influenced by several factors, including how the bond market reacts to the Federal Reserve’s interest rate policy decisions.

    The latest pullback in rates echoes a decline in the 10-year Treasury yield, which lenders use as a guide for pricing home loans.

    The yield was at 4.79% just a few weeks ago, reflecting fears that inflation may remain stubbornly higher amid a solid U.S. economy and the potential impact of tariffs and other policies proposed by the Trump administration.

    The 10-year yield was at 4.5% in midday trading Thursday, following a report showing that more U.S. workers applied for unemployment benefits last week than economists expected.

    Copyright 2025 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission.

    You May Also Like
    22 Palestinians killed in Gaza as Israeli forces fire on crowds at food aid sites, medics say
    • Local News

    Israeli forces shoot at crowds during food distribution in Gaza, resulting in 22 Palestinian casualties inform medics

    In Cairo, Israeli forces have been reported to have caused the deaths…
    • BBC Gossip
    • June 30, 2025
    A violent ambush in Idaho leaves 2 firefighters dead and 1 injured. What to know about the attack
    • Local News

    An attack in Idaho results in the death of 2 firefighters and injury of 1. Essential details to understand about the incident

    The fire was set to lure the firefighters into an ambush, authorities…
    • BBC Gossip
    • June 30, 2025
    Federal judge seeks clarity on whether birthright citizenship order means babies could be deported
    • Local News

    Federal judge requests clarification on whether babies could face deportation due to birthright citizenship order

    WASHINGTON – On Monday, a federal judge raised questions about the Trump…
    • BBC Gossip
    • June 30, 2025
    German foreign minister visits Kyiv, pledges continued support for Ukraine
    • Local News

    The foreign minister of Germany travels to Kyiv and promises ongoing assistance for Ukraine

    German Foreign Minister Johann Wadephul visited Kyiv without prior notice to demonstrate…
    • BBC Gossip
    • June 30, 2025
    Women can be drafted into the Danish military as Russian aggression and military investment grows
    • Local News

    Danish women eligible for military draft as Russian military expansion increases

    HOVELTE – Gazing out over a thick expanse of forestland beyond Denmark’s…
    • BBC Gossip
    • June 30, 2025
    Trump says he's not planning to extend a pause on global tariffs beyond July 9
    • Local News

    Trump Won’t Extend Global Tariffs Pause Beyond July 9

    President Trump issued a 90-day period for countries and the U.S. to…
    • BBC Gossip
    • June 30, 2025
    Florida gas prices expected to drop leading up to holiday weekend, survey says
    • Local News

    Survey predicts gas prices in Florida will decrease before the holiday weekend.

    ORLANDO, Fla. – With Independence Day on the horizon, gas prices are…
    • BBC Gossip
    • June 30, 2025
    CIA chief told lawmakers Iran nuclear program set back years with strikes on metal conversion site
    • Local News

    CIA Chief Briefs Lawmakers on Strikes Impacting Iran’s Nuclear Program

    WASHINGTON – According to a U.S. official, CIA Director John Ratcliffe informed…
    • BBC Gossip
    • June 30, 2025
    Supreme Court throws out appellate rulings in favor of transgender people in 4 states
    • Local News

    Supreme Court rejects rulings supporting transgender individuals in 4 states

    An order from the court instructed appellate judges to review cases from…
    • BBC Gossip
    • June 30, 2025
    Viktor Vendler sentenced to life for 2023 murder of 74-year-old man in Cleveland Metroparks Mill Stream Run Reservation in Strongsville
    • Local News

    Viktor Vendler receives life sentence for killing 74-year-old man at Cleveland Metroparks Mill Stream Run Reservation in Strongsville

    Earlier this month, Vendler pleaded guilty to aggravated murder in the death…
    • BBC Gossip
    • June 30, 2025
    Lady Lake seeks help to solve 2023 death, the town’s only unsolved homicide
    • Local News

    Town of Lady Lake asks for assistance in solving lone unsolved homicide case from 2023

    In Lady Lake, Florida, the town’s police department is seeking assistance in…
    • BBC Gossip
    • June 30, 2025
    Orlando woman faces attempted murder charges after striking man with stolen truck, troopers says
    • Local News

    Woman in Orlando accused of attempting to kill man by hitting him with stolen truck, according to troopers

    A 20-year-old woman from Orlando is facing serious charges, including attempted murder,…
    • BBC Gossip
    • June 30, 2025

    Recent Posts

    • Sad News: Veteran News at Ten Presenter, Sandy Gall, Passes Away at 97
    • “Idaho Murder Case: Bryan Kohberger Agrees to Plead Guilty, Sentenced to Life Imprisonment”
    • North Korean Tech Employees Penetrated Fortune 500 Firms in Major Fraud Operation
    • Kathy Griffin causes anger with controversial video criticizing Trump
    • JB Pritzker, Governor of Illinois, narrowing down list of potential running mates for 3rd term bid, including Christian Mitchell.
    Sandy Gall dead at 97: Veteran News at Ten presenter dies at home
    • News

    Sad News: Veteran News at Ten Presenter, Sandy Gall, Passes Away at 97

    News at Ten presenter Sandy Gall has died at home aged 97,…
    • BBC Gossip
    • July 1, 2025
    Bryan Kohberger to plead guilty in Idaho murders, gets life
    • Crime

    “Idaho Murder Case: Bryan Kohberger Agrees to Plead Guilty, Sentenced to Life Imprisonment”

    Share copy link Kaylee Goncalves (bottom left) and Madison Mogen (top left),…
    • BBC Gossip
    • July 1, 2025
    North Korean IT workers infiltrated Fortune 500 companies in massive fraud scheme
    • US

    North Korean Tech Employees Penetrated Fortune 500 Firms in Major Fraud Operation

    NEWYou can now listen to Fox News articles! Federal authorities have uncovered…
    • BBC Gossip
    • July 1, 2025
    Kathy Griffin sparks outrage after shocking anti-Trump video
    • US

    Kathy Griffin causes anger with controversial video criticizing Trump

    Kathy Griffin has sparked outrage after sharing a video showing artwork of…
    • BBC Gossip
    • June 30, 2025
    BBC Gossip
    • Home
    • Privacy Policy
    • News
    • Local News
    • Health
    • Crime
    • Guest Post