U.S. mortgage rates decline as Treasury increases bond buying

The average rate on a 30-year fixed-rate mortgage decreased by four basis points to 6.55% APR for the week ending August 20, according to data from Zillow.

In a related development, the U.S. Department of the Treasury announced it will double its weekly bond buying from $2 billion to at least $4 billion. This initiative will focus on longer-term bonds in an effort to boost demand and potentially lower yields, which have recently been increasing.