Average long-term US mortgage rate eases to 7.32% in first pullback since late August

What happened: Freddie Mac said the average 30-year fixed-rate mortgage fell to 7.32% from 7.40% last week, the first pullback since late August. The 15-year rate slipped to 6.68% from 6.71%. Key numbers: 30-year rate 7.32%, down from 7.40%; 6.19% a year ago. 15-year rate 6.68%, down from 6.71%; 5.44% a year ago. Why it matters: The easing follows a decline in the 10-year Treasury yield from its highest level since 2002, and the 30-year rate held steady after peaking at 7.4%. The housing market has been in a slump since 2022, with sales of previously occupied homes stuck at a 30-year low.

US mortgage rate falls to 7.32%, first pullback since late August.

US mortgage rate falls to 7.32%, first pullback since late August. — impact context not separately stored; see What changed.