Markets 
Mortgage rates fell for the second week in a row, mortgage buyer Freddie Mac said Thursday.
Freddie Mac’s latest Primary Mortgage Market Survey, released Thursday, showed the average rate on the benchmark 30-year fixed mortgage fell to 6.65% from last week’s reading of 6.67%.
The average rate on a 30-year loan was 6.58% a year ago.
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“With a dip in rates providing modest relief for homebuyers, it’s important to remember borrowers can potentially save thousands by shopping around for the best mortgage rate,” said Sam Khater, Freddie Mac’s chief economist.
The average rate on a 15-year fixed mortgage fell to 5.95% from last week’s reading of 5.96%.
Mortgage rates are affected by several factors, including the Federal Reserve and geopolitics. Though mortgage rates are not directly affected by the Fed’s interest rate decisions, they closely track the 10-year Treasury yield. The 10-year yield hovered around 4.7% as of Thursday afternoon.
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“Today’s print is best understood as the base level from which mortgage rates may push higher next week amid market volatility,” said Realtor.com senior economist Jake Krimmel. “The 30-year Treasury hit a nearly 20-year high this week, enough to prompt the Treasury Department to step in and buy back billions. But thankfully for homebuyers, since most mortgages are only around for seven to ten years before borrowers refinance or move, mortgage rates track the 10-year, which has not moved nearly as dramatically this week.”
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