The US Treasury said it will increase the size of long-term Treasury buybacks to
help stabilize the bond market. Freddie Mac reported the average 30-year fixed
mortgage rate fell to 6.65% from 6.67% a week earlier; a year ago it was 6.58%.
Borrowing costs remain a concern for prospective buyers as elevated inflation
risk tied to the ongoing Iran conflict persists. A Realtor.com senior economist
said moves at the long end of the yield curve highlight market concern about
inflation and the fiscal outlook, which could push mortgage rates higher in
coming weeks.
