30-Year Fixed Mortgage Rate Slips Back to 6.22%

The average rate on 30-year fixed mortgages nationwide fell this week to match the lowest level in more than three decades, according to home loan finance firm Freddie Mac.

The 30-year rate declined to 6.22%, from 6.27% last week. The new rate matched the rate in the week ended Aug. 16, which was the lowest since Freddie Mac began keeping records in 1971.

Mortgage rates tend to track yields on long-term Treasury securities. Treasury yields sank to generational lows in mid-August as investors continued to seek safe-haven securities amid worries about the economy. Yields then briefly rebounded before falling again this week.

The yield on the 10-year Treasury note fell as low as 4.09% on Aug. 13, then jumped to 4.33% three days later. On Thursday, the yield dropped to 4.14%, from 4.21% on Wednesday, after a government report showed more sought jobless benefits last week.

The average rate on a 15-year fixed mortgage fell to 5.64% this week from 5.71% last week, Freddie Mac said. Two weeks ago the rate reached 5.63%, the lowest since the firm began tracking such rates in August 1991.

The average rate on a one-year adjustable mortgage this week was unchanged at 4.34%.