Mortgage rates drop to the 5% range for the first time since September

Posted on AllSides February 2nd, 2023
From The Center
Mike Stocker | South Florida Sun Sentinel | Tribune News Service | Getty Images

The average rate on the 30-year fixed rate mortgage has fallen to 5.99%, according to Mortgage News Daily.

The housing market hasn’t seen the rate with a five handle since a brief blip in early September. Before that, it was in early August.

The rate started this week at 6.21% and fell sharply Wednesday after Federal Reserve Chairman Jerome Powell said inflation “has eased somewhat but remains elevated,” which was a shift from previous language.

That sent bond yields lower, and mortgage rates loosely follow the yield on the 10-year Treasury.

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