US 30 year mortgage rates decline to 7.24 percent

Average United States 30-year fixed mortgage rates fell eight basis points this week to 7.24 percent. Realtor.com Research, RISMedia, and Bloomberg.com all reported the drop to 7.24 percent, marking the second consecutive week of declines. [1][3][4]

The rate drop accompanied a decline in benchmark government bond yields. Realtor.com Research reported that the 10-year Treasury yield averaged about 5.02 percent in the past week, falling from 5.13 percent the previous week. [1]

The move follows earlier rate cuts recorded in the market. As FTMQ Real Estate reported earlier, the average conforming 30-year fixed mortgage rate dropped nine basis points to 7.41 percent for the week ending October 16. [12]

Homebuyers hope the lower borrowing costs will continue. RISMedia reported that economists state the rate decline may not have a major impact on the housing market, noting that a struggling housing market can indicate weaker economic growth. [3]