mary christine joy,
Donnell shoe
Mortgage rates fell for the third straight week on market expectations of future Fed rate cuts, according to a Freddie Mac primary mortgage survey.
30-year fixed-rate mortgages averaged 6.87% as of June 20, compared to 6.95% last week and 6.67% compared to last week.
15-year fixed-rate mortgages averaged 6.13%, down from 6.17% a week ago and up from 6.03% a year ago.
Sam Khater, chief economist at Freddie Mac, said: “Mortgage rates fell for the third week in a row following indications of slowing inflation and market expectations of a future Fed interest rate cut.”
Khater added: “The decline in mortgage rates coupled with the gradual improvement in housing supply bodes well for the housing market.”