Geopolitical relief provides a temporary window for mortgage rates to drop

The average rate on the benchmark 30-year fixed mortgage declined to 6.3% from last week's 6.37%. The average rate on a 15-year fixed mortgage fell to 5.65% from 5.74%. This decline follows a two-week ceasefire between the U.S. and Iran, brokered with help from Pakistan. The 10-year Treasury yield eased from last week, and this relief carried through to mortgage rates. The 10-year yield hovered around 4.29% as of Thursday afternoon.