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. LOS ANGELES — Home loan borrowing costs eased again this week as the average rate on a 30-year mortgage declined to its lowest level since early April.

This is the third straight weekly decline in the average rate, which has mostly hovered around 7% since April. Higher mortgage rates can add hundreds of dollars a month in costs for borrowers, limiting homebuyers’ purchasing options. “Mortgage rates fell for the third straight week following signs of cooling inflation and market expectations of a future Fed rate cut,” said Sam Khater, Freddie Mac’s chief economist.

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