1 meeting, but it left open the chance of another hike before the end of the year. The central bank decided against another rate hike at its Nov. While the Fed doesn't directly set fixed mortgage rates, it does establish the overall tone. The run-up reflects a variety of factors, including the Federal Reserve's continuing fight against inflation. “It’s a wonderful holiday gift to the real estate market.”ĭespite the recent reversal, home loans are by no means as cheap as they were two years ago. “The 10-year bond yield has dropped to levels that we haven’t seen for nearly three months as economic data points to lower inflation and weakness in the economy,” says Melissa Cohn, regional vice president at William Raveis Mortgage. After a tepid jobs report and lower inflation numbers last week, the 10-year Treasury dropped from 5 percent to less than 4.3 percent in recent weeks. Mortgage rates retreated partly because of a downtrend in 10-year Treasury yields, the most relevant benchmark for the 30-year mortgage. The average rate on 30-year mortgages dropped to 7.41 percent this week, down from 7.55 percent last week, according to Bankrate’s weekly national survey of large lenders. Mortgage industry insights Mortgage rates sink, could be headed back below 7%

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