{"id":16032,"date":"2026-06-18T16:31:32","date_gmt":"2026-06-18T16:31:32","guid":{"rendered":"https:\/\/siliconvalleymovingpost.com\/?p=16032"},"modified":"2026-06-18T16:31:32","modified_gmt":"2026-06-18T16:31:32","slug":"average-30-year-u-s-mortgage-rate-falls-to-6-47-tracking-lower-bond-yields-as-iran-war-winds-down","status":"publish","type":"post","link":"https:\/\/siliconvalleymovingpost.com\/?p=16032","title":{"rendered":"Average 30-year U.S. mortgage rate falls to 6.47%, tracking lower bond yields as Iran war winds down"},"content":{"rendered":"
\n

By MATT OTT, AP Business Writer<\/strong><\/p>\n

WASHINGTON (AP) \u2014 The average long-term U.S. mortgage rate fell this week, tracking Treasury yields that have retreated since a deal to end\u00a0the war with Iran\u00a0was announced.<\/p>\n

Read more How Trump decided to sign a deal with Iran at Versailles palace<\/a><\/p>\n

The benchmark 30-year fixed rate mortgage rate fell to 6.47% from 6.52% last week, mortgage buyer Freddie Mac said Thursday. One year ago, the average rate was 6.81%.<\/p>\n

Borrowing costs on 15-year fixed-rate mortgages, often sought by borrowers refinancing a home loan, also came down this week. That average rate fell to 5.81% from 5.84% last week. A year ago, it was at 5.96%, Freddie Mac said.<\/p>\n

Mortgage rates are influenced by several factors, from the Federal Reserve\u2019s interest rate policy decisions to bond market investors\u2019 expectations for the economy and inflation. They generally follow the trajectory of the 10-year Treasury yield, which lenders use as a guide to pricing home loans.<\/p>\n

With inflation still well above the Federal Reserve\u2019s 2% target, officials at the U.S. central bank\u00a0left the benchmark interest rate\u00a0where it was on Wednesday. It was the first meeting with\u00a0new Fed Chair Kevin Warsh, who replaced Jerome Powell after his eight-year run as the U.S. central bank\u2019s leader.<\/p>\n

A number of Fed policymakers said they are actually\u00a0willing to consider at least one interest rate hike\u00a0this year.<\/p>\n

Rates have been mostly trending higher since the conflict between the U.S. and Iran began in late February, disrupting the flow of crude oil from the Persian Gulf to customers worldwide. That\u2019s sent oil prices sharply higher, helping drive up\u00a0inflation, bond yields and mortgage rates.<\/p>\n

\n<\/div>\n

However, earlier this week, the U.S. and Iran came to a tentative agreement to end the war and allow Iran to open the Strait of Hormuz and sell its oil freely.<\/p>\n

Read more Longtime broadcaster Mike Krukow speaks out on SF Giants\u2019 players\u2019 \u2018Pride Night\u2019 cap stance<\/a><\/p>\n

That sent the yield on the U.S. 10-year Treasury note down from 4.53% last week to 4.44% Thursday. It was just 3.97% in late February, before the war broke out.<\/p>\n

As recently as late February, the average rate on a 30-year mortgage had slipped just under 6% for the first time since late 2022. It\u2019s hasn\u2019t fallen below that threshold since. Two weeks ago, it climbed to 6.53%, its highest level since Aug. 28.<\/p>\n

While average long-term mortgage rates remain lower than they were at this time last year, their mostly upward trajectory and uncertainty over how much higher they may go has kept many would-be homebuyers on the sideline.<\/p>\n

\n<\/div>\n

Sales of previously occupied U.S. homes declined in the first three months of the year compared to a year earlier,\u00a0extending a nationwide housing slump\u00a0that dates back to 2022 when mortgage rates began to climb from pandemic-era lows. Sales were\u00a0essentially flat in April, but accelerated in May to their\u00a0fastest pace since December.<\/p>\n

Still, sales of existing U.S. homes continue to hovering close to a 4-million annual pace, far short of the historic norm that is closer to 5.2-million.<\/p>\n

Though mortgage applications fell according to the most recent Mortgage Bankers Association survey, they jumped 10.8% the week before.<\/p>\n

Pending home sales also rose last month, an encouraging sign for the housing market heading into the second half of the year after a lackluster spring homebuying season.<\/p>\n

Read more Tropical storm remnants pound Gulf states with heavy rain after tornadoes hit the Midwest<\/a><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

U.S. mortgage rates have fallen this week, tracking Treasury yields that retreated after a new deal to end the war with Iran was announced.<\/p>\n","protected":false},"author":1,"featured_media":16031,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[43,2],"tags":[],"class_list":["post-16032","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-based-on-facts-either-observed-and-verified-directly-by-the-reporter-or-reported-and-verified-from-knowledgeable-sources","category-news"],"yoast_head":"\nAverage 30-year U.S. mortgage rate falls to 6.47%, tracking lower bond yields as Iran war winds down - Silicon Valley Moving Post<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/siliconvalleymovingpost.com\/?p=16032\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Average 30-year U.S. mortgage rate falls to 6.47%, tracking lower bond yields as Iran war winds down - 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