30-year mortgage rates are generally determined by the 10-year Treasury bond rate because the mortgages are usually broken up into three 10-year tranches called mortgage-backed securities that are then repackaged and resold in the secondary market to hedge the risk of holding the original 30-year mortgage. A 30-year mortgage is the most common and conservative strategy for financing a home since the price is spread across 30 years. The average 30 Year Mortgage Rate was 6.72 as of the last reporting period December 19, 2024.
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