Reported 7 months ago
Mortgage rates have decreased for the second consecutive week, bringing the average rate for a 30-year home loan to 6.95%. According to Freddie Mac, the rate dropped from 6.99% last week, with 15-year fixed-rate mortgages also seeing a decline. Factors influencing these rates include economic data indicating a cooling economy, with potential impacts from the Federal Reserve's interest rate policies and bond market reactions. The recent drop in rates has led to an increase in home loan applications, providing optimism for prospective homebuyers this summer amidst a housing market affected by higher borrowing costs.
Source: YAHOO