Reported 2 months ago
Mortgage rates have fallen to their lowest level of the year, hitting 6.75% for a 30-year fixed-rate mortgage, due to a decrease in 10-year Treasury bond yields. This decline comes on the heels of rising unemployment rates, which have prompted investors to shift towards safer Treasury bonds, influencing a drop in mortgage rates. Experts suggest that this presents an opportunity for borrowers, especially those with higher rate mortgages, to refinance. The Federal Reserve may consider a rate cut in September, depending on future economic indicators.
Source: YAHOO