Mortgage rates fall amid geopolitical uncertainty. How the Russia-Ukraine crisis could impact home buyers.
Home buyers are seeing temporary relief from rising interest rates as markets react to Russia’s invasion of Ukraine. But in the longer term, inflation remains a serious concern.
The 30-year fixed-rate mortgage averaged 3.89% for the week ending Feb. 24, down three basis points from the previous week, Freddie Mac FMCC reported Thursday. The slight decline marks a retreat from the highest benchmark mortgage rates in years. “Even with this week’s decline, mortgage rates have increased more than a full percent over the last six months,” Sam Khater, Freddie Mac’s chief economist, said in the report.
The decline in mortgage rates roughly tracks movements in long-term bond yields. The 10-year Treasury note’s yield TMUBMUSD10Y has slid in recent days as tensions in Eastern Europe exploded into armed conflict.
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