(Bloomberg) -- Mortgage rates in the U.S. fell for a second straight week, slipping to the lowest level in more than a month.
The average for a 30-year loan was 3.04%, down from 3.13% last week and the lowest since early March.
The decline gives Americans another shot at borrowing costs near the lowest on record -- either for purchasing homes or refinancing current loans. Rates plunged last year as the Covid-19 pandemic took hold, with the 30-year average hitting a low of 2.65% in January. They shot up since then, as optimism increased for an economic rebound.
This week, yields for the benchmark 10-year Treasuries slipped as vaccinations hit a bump and investors speculated that the recent rise in inflation will be temporary.
“While this is welcome news for homebuyers already grappling with low supply and double-digit price gains,” Danielle Hale, chief economist at Realtor.com, said in an emailed statement, “the break could be temporary with the upward trend resuming as the outlook for the economy brightens.”
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