Mortgage rates slip, sticking near 2025 lows

Mortgage Rates - The average rate on the benchmark 30-year fixed mortgage decreased to 6.21% from 6.22% last week, down from 6.72% a year ago [1][3] - The average rate on a 15-year fixed mortgage fell to 5.47% from 5.54% last week [3] Market Trends - Mortgage rates have remained within a narrow 10-basis point range over the last two months, with a decrease of half a percent compared to last year [3] - Purchase applications are 10% above the same time last year, indicating increased buyer activity [3] Economic Context - The Federal Reserve recently lowered the benchmark interest rate by 25 basis points to a range of 3.5% to 3.75%, which indirectly influences mortgage rates [4] - The 10-year Treasury yield was around 4.12% as of Thursday afternoon, which closely tracks mortgage rates [4] Buyer Conditions - Homebuyers are in a more favorable position now than a year ago, with mortgage rates easing into the low-6% range and inventory levels well above last year's [6] - Renters have also seen improved affordability, with rents falling for the 28th consecutive month in November [6]