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Mortgage Rates Decline to Their Lowest Levels Since April


WASHINGTON–Mortgage rates fell last week to their lowest level since early April.

According to Freddie Mac, the standard 30-year fixed-rate mortgage averaged 6.87% in the week ending June 20, which was down from the prior week’s 6.95% average and marks the third consecutive weekly decline.

mortgage

Rates are down from a 2024 peak of 7.22%.

“Mortgage rates fell for the third straight week following signs of cooling inflation and market expectations of a future Federal Reserve rate cut,” Sam Khater, Freddie Mac’s chief economist, said in a statement. “These lower mortgage rates coupled with the gradually improving housing supply bodes well for the housing market.”

Most economists and forecasters expect rates to remain in the 6% range well into 2025, which won’t do much to address the issue of housing affordability.

Data released last week also revealed new home construction was weaker than expected in May, with a seasonally adjusted annual rate of 1.28 million units in May, the lowest level since 2020 and down by 5.5% from April.

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