Mortgage rates ease for second straight week, leaving average rate on a 30-year home loan at 6.95%
Mortgage rates eased again this week, though the latest pullback leaves the average rate on a 30-year home loan at close to 7%, where it’s been much of this year
By Alex Veiga
Published - Jun 13, 2024, 12:18 PM ET
Last Updated - Jun 13, 2024, 12:18 PM EDT
LOS ANGELES (AP) — Mortgage rates eased again this week, though the latest pullback leaves the average rate on a 30-year home loan at close to 7%, where it's been much of this year.
The rate fell to 6.95% from 6.99% last week, mortgage buyer Freddie Mac said Thursday. A year ago, the rate averaged 6.69%.
Borrowing costs on 15-year fixed-rate mortgages, popular with homeowners refinancing their home loans, also eased this week, lowering the average rate to 6.17% from 6.29% last week. A year ago, it averaged 6.10%, Freddie Mac said.
“Mortgage rates continued to fall back this week as incoming data suggests the economy is cooling to a more sustainable level of growth,” said Sam Khater, Freddie Mac’s chief economist.
