Average long-term US mortgage rate falls again, easing to lowest level since early April

FILE - New home construction is shown on Jan. 16, 2024, in Kennesaw, Ga. On Thursday, June 20, 2024, Freddie Mac reports on this week's average U.S. mortgage rates. –

Borrowing costs on 15-year fixed-rate mortgages, popular with homeowners refinancing their home loans, also eased this week, lowering the average rate to 6.13% from 6.17% last week. A year ago, it averaged 6.03%, Freddie Mac said. Home loan rates are influenced by several factors, including how the bond market reacts to the Federal Reserve’s interest rate policy and the moves in the 10-year Treasury yield, which lenders use as a guide to pricing home loans.

Until the Fed begins lowering its short-term rate, long-term mortgage rates are unlikely to ease significantly, economists say.

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