Reported 8 months ago
Freddie Mac reported that the average rate on a 30-year mortgage in the US fell to 6.87% from 6.95% last week, its lowest level since early April. This marks the third consecutive weekly decline, mainly influenced by cooling inflation and market expectations of a future Fed rate cut. Mortgage rates are dictated by factors such as the bond market's response to the Federal Reserve's interest rate policy and the trends in the 10-year Treasury yield. While yields have eased recently due to slower economic growth and reduced inflationary pressures, experts believe that until the Fed lowers its short-term rate, long-term mortgage rates are unlikely to see significant decreases.
Source: YAHOO