Mortgage rates are still moving with the bond market.<\/p>\n\n\n\n
For buyers waiting for a clear drop, the recent market has been frustrating. Rates have moved a little lower, then a little higher, but they have not made a dramatic break toward 6%. The reason is simple: mortgage rates are not only about the Federal Reserve. They are closely tied to long-term bond yields, especially the 10-year Treasury yield.<\/p>\n\n\n\n
As of June 18, Freddie Mac reported that the average 30-year fixed mortgage rate was 6.47%. That was five basis points lower than the previous week and below the 6.81% level seen around the same time last year.<\/p>\n\n\n\n
The average 15-year fixed mortgage rate was 5.81%, down slightly from the prior week and lower than the same period a year ago.<\/p>\n\n\n\n
So, are mortgage rates finally coming down?<\/p>\n\n\n\n
The better answer is: they are easing, but slowly. A bigger move lower will likely require a calmer bond market, softer inflation pressure, and more confidence that long-term yields can move down without quickly bouncing back.<\/p>\n\n\n\n