US 30-Year Mortgage Rate Falls to 7.32%

Freddie Mac’s average 30-year fixed mortgage rate slipped to 7.32% from 7.40%, marking its first weekly decline since late August after seven weeks of increases. The modest relief came as Treasury yields eased and investors sought safer assets amid market volatility and uncertainty surrounding the Iran conflict; mortgage rates typically track the 10-year Treasury yield. Rates remain near multiyear highs, however, and elevated borrowing costs and home prices continue to weigh on affordability and keep prospective buyers under pressure. A separate lender survey also found mortgage rates edged lower, though its reported average was different.