US Mortgage Rates Decline To 11-Month Low As Treasury Yields Slip: Report

U.S. mortgage rates reportedly fell to an 11-month low amid a decline in benchmark Treasury yields over the past week.

According to a Bloomberg report citing data from the Mortgage Bankers Association, the interest rate on a 30-year mortgage declined by 15 basis points to 6.49% for the week ended September 5. The report adds that the interest rates on 15-year and five-year mortgages were down to their lowest levels in nearly a year.

Over the past five trading sessions, the 10-year Treasury yields have dropped by 16 basis points, hovering around 4.08% at the time of writing. A significant downward revision in job growth between the April 2024 to March 2025 period, by 911,000 roles, points to a weaker-than-reported labor market.

The downward payroll revision comes two months after President Donald Trump fired BLS's then-commissioner Erika McEntarfer, following a downward revision in jobs numbers for May and June by 258,000.

Data from Bank of America shows that the refinancing rate for a 30-year fixed mortgage is now down to 6.25% for a current loan balance of $200,000.

Meanwhile, U.S. equities gained in Wednesday's pre-market trade. At the time of writing, the SPDR S & P 500 ETF (SPY), which tracks the S & P 500 index, was up 0.37%, while the Invesco QQQ Trust (QQQ) rose 0.36%. Retail sentiment around the S & P 500 ETF on Stocktwits was in the 'bullish' territory.

The iShares 7-10 Year Treasury Bond ETF (IEF) was flat at the time of writing.

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