Average rate on a 30-year mortgage falls slightly, easing borrowing costs for home shoppers

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The average rate on a 30-year mortgage fell slightly this week, providing modest relief for home shoppers facing record-high home prices.

Jump into summer fun with this week’s amazing Insider DealsWorkers construct new homes in a development on Tuesday, June 25, 2024, in Loveland, Colo. On Thursday, July 11, 2024, Freddie Mac reports on this week's average U.S. mortgage rates. –

Mortgage 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 for pricing home loans. Most economists expect the Fed’s first rate cut to come in September, with potentially another cut by year’s end.

 

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