Mortgage rates, the interest rates on home loans, have decreased for the fourth consecutive week, reaching their lowest point in nearly three months, reports mortgage provider Freddie Mac (FMCC.OB).
As of June 27, 2024, the 30-year fixed-rate mortgage (FRM) averaged 6.86 percent, a slight decline from the previous week's average of 6.87 percent. Comparatively, the 30-year FRM stood at 6.71 percent a year ago.
The 15-year FRM averaged 6.16 percent, down from last week's 6.13 percent. A year earlier, this rate was 6.06 percent.
"The 30-year fixed-rate mortgage continues its downward trend, hitting the lowest level in almost three months," remarked Sam Khater, Chief Economist at Freddie Mac. "By historical standards, the economy is in good shape, and we anticipate that rates will continue to decrease over the summer, encouraging more homebuyers to enter the market."
