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Story summary
- The average long-term U.S. mortgage rate declined to 6.37% this week, down from 6.46% last week.
- A year ago the rate was 6.62%.
- The decline follows inflation concerns tied to the war with Iran, which has affected oil prices and Treasury yields.
- Despite the drop, sales remain stagnant and mortgage applications declined 0.8% last week.
- Experts warn that further rate increases could hinder home sales during the peak buying season.
