Copyright The Boston Herald
The average rate on a 30-year U.S. mortgage fell for the fourth week in a row to its lowest level in more than a year. Lower mortgage rates boost homebuyers’ purchasing power. They also benefit homeowners eager to refinance their current home loan to a more attractive rate. The average long-term mortgage rate dropped to 6.17% from 6.19% last week, mortgage buyer Freddie Mac said Thursday. A year ago, the rate averaged 6.72%. The last time the average rate was lower was on Oct. 3, 2024, when it was 6.12%. Borrowing costs on 15-year fixed-rate mortgages, popular with homeowners refinancing their home loans, also eased this week. The average rate dropped to 5.41% from 5.44% last week. A year ago, it was 5.99%, Freddie Mac said. China to buy millions of tons of soybeans China has agreed to purchase 25 million metric tons of U.S. soybeans annually as part of an agreement reached by its leaders, Treasury Secretary Scott Bessent said Thursday. Bessent said China will start by purchasing 12 million metric tons of soybeans from the U.S. between now and January. “So you know, our great soybean farmers, who the Chinese used as political pawns, that’s off the table, and they should prosper in the years to come,” Bessent said in an interview on Fox Business Network’s “Mornings with Maria.” He said the agreement lasts for three years. Agriculture Secretary Brooke Rollins said China also agreed to remove all its retaliatory tariffs on American ag products, which should open the door for sales of other crops and beef. Plus, China promised to resume buying U.S. sorghum, which is another crop largely used for animal feed that depends on that market.
