Published 11 days ago • loading... • Updated 7 days ago

Average US rate on a 30-year mortgage ticks down to 6.85%, the first decline in a month

Freddie Mac reported that the average U.S. 30-year mortgage rate fell to 6.85% this week, down from 6.89% last week, marking the first decline in a month.
This decline came after recent drops in bond yields, driven by slower-than-expected job growth and economic uncertainty, with private sector employment increasing by just 37,000 positions in May—significantly below forecasted figures.
Mortgage rates remain affected by Federal Reserve policy and bond market expectations, with 15-year fixed mortgage rates also dropping from 6.03% to 5.99%, popular among homeowners refinancing.
Freddie Mac’s chief economist Sam Khater described the recent decline in mortgage rates as encouraging for the housing market, highlighting that increased inventory and slower price growth are creating favorable conditions for buyers.
Despite the decline, borrowing costs stay elevated near 7%, keeping mortgage activity cautious while forecasts predict rates between 6% and 7% through 2024.

Insights by Ground AI

Does this summary seem wrong?

32 Articles

All

Left

Center

Right

La Opinion

Lean Left

U.S. Mortgage Rates Fall to 6.85%

Although falling mortgage rates are a good sign for the market they still remain high

7 days ago

Read Full Article

Fox Business

Reposted by

The Business Times

Lean Right

Mortgage rates drop for first time in weeks, still hover near 7%

Mortgage rates declined for the first time in weeks, though they are still hovering near 7%, mortgage buyer Freddie Mac said Thursday.Freddie Mac's latest Primary Mortgage Market Survey, released Thursday, showed that the average rate on the benchmark 30-year fixed mortgage fell to 6.85% from last week's reading of 6.89%.The average rate on a 30-year loan was 6.99% a year ago.WHEN LEAVING THE HOUSE TO YOUR HEIRS BACKFIRES"The average mortgage ra…

10 days ago·United States

Read Full Article