Mortgage Rates Experience Slight Decline as Economic Data Shows Slower Growth

Freddie Mac reports a minor drop in rates for 30-year and 15-year fixed mortgages, with expectations of further decreases throughout 2024.

The average rate for a 30-year fixed mortgage is now 6.99%, down from last week's 7.03%.
Rates for 15-year fixed mortgages have decreased to 6.29% from 6.36%.
Economic indicators, including slower personal spending growth, have contributed to the rate decline.
The Federal Reserve is expected to hold its benchmark rate steady in its upcoming policy meeting.
Homebuyers are advised to shop around for the best rates as further declines are anticipated.