Mortgage Rates Slip For 4th Consecutive Week

(RTTNews) - Mortgage rates, or interest rates on home loans, dropped for the fourth straight week and hit the lowest level in almost three months, according to mortgage provider Freddie Mac (FMCC.OB).

The 30-year FRM averaged 6.86 percent as of June 27, 2024, down from last week when it averaged 6.87 percent. A year ago at this time, the 30-year FRM averaged 6.71 percent.

The 15-year FRM averaged 6.16 percent, down from last week when it averaged 6.13 percent. A year ago at this time, the 15-year FRM averaged 6.06 percent.

"The 30-year fixed-rate mortgage continues to trend down, hitting the lowest level in almost three months," said Sam Khater, Freddie Mac's Chief Economist. "By historical standards, the economy is in good shape, and we expect rates to continue to come down over the summer months, bringing additional homebuyers back into the market."