Mortgage rates in U.S. fall slightly but still hover around 7% – Indianapolis News | Indiana Weather | Indiana Traffic

The average rate on a 30-year mortgage in the U.S. slightly decreased this week to 6.81%, according to Freddie Mac. However, it is still higher than last year’s average of 7.22%. 15-year fixed-rate mortgages saw a slight increase to 6.1%. Mortgage rates are influenced by the yield on U.S. 10-year Treasury bonds, which has eased this week to 4.23%.
The high mortgage rates and increasing home prices have made homeownership unattainable for many potential buyers, leading to low sales activity in the housing market. The National Association of Realtors reported a 2% increase in pending home sales in October, signaling a potential increase in completed home sales in the coming months. However, the recent rise in mortgage rates may dampen sales during the typically slow season for the housing market.
While mortgage rates are expected to decline in the coming weeks, experts believe it may not be enough to boost home sales in December. Mortgage rates are predicted to remain volatile but hover around 6% in 2025. Factors such as government spending, the economy, geopolitical tensions, and market fluctuations can impact mortgage rates.

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