The average rate on a 30-year fixed mortgage declined by 5 basis points to 6.47% in the third week of June, according to data from Freddie Mac. The move mirrored the drop in longer-dated U.S. Treasury yields, as growing optimism over a potential agreement between Iran and the United States pushed energy prices lower and eased pressure on the Federal Reserve to raise interest rates.
“The 30-year fixed-rate mortgage decreased this week, averaging 6.47%,” said Sam Khater, Freddie Mac’s Chief Economist. “Incoming data continues to reflect a resilient consumer, with retail sales improving and pending home sales strengthening, suggesting that purchase demand is continuing to modestly improve.”
