FX.co ★ 30-Year Mortgage Rate Falls to 3-Month Low

The average rate for a 30-year fixed mortgage backed by Freddie Mac decreased by 10 basis points from the previous week, marking the lowest rate since April at 6.77% as of July 3rd. This represents a continued decline from the highest levels experienced nearly four months ago, which occurred five weeks earlier. Freddie Mac's chief economist, Sam Khater, noted that this marks the fifth consecutive week of declining rates, with this week exhibiting the largest decrease since early March. These falling mortgage rates are encouraging, and although overall affordability challenges persist, an increasing number of sellers are entering the market, thereby offering prospective buyers a greater advantage.