U.S. benchmark mortgage rates fall again
The 30-year fixed-rate mortgage averaged 3.55% during the week ending Aug. 22, down five basis points from the previous week, Freddie Mac FMCC, +8.40% reported Thursday.
Mortgage rates track the 10-year Treasury note TMUBMUSD10Y, -0.06%. Last week, the yields of the 10-year note and the 2-year Treasury note TMUBMUSD02Y, +1.29% inverted for the first time in over a decade, meaning the shorter-term note’s yield was higher. Yield curve inversions have historically signalled that the U.S. economy could face a recession.
The decline in mortgage rates this year has sparked the largest refinance boom in three years. The most recent existing-home sales data released Wednesday indicated that falling rates in July did prompt an uptick in home-buying activity, particularly in the West. Lower rates have also sparked the biggest refinance boom in years.
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