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2d ago

Mortgage Rates Fall to 6.77%, Marking Fourth Consecutive Weekly Decline

Easing geopolitical tensions have driven Treasury yields lower, lowering mortgage costs despite persistent affordability challenges.

President Donald Trump’s tariffs on imports have added economic uncertainty. The Federal Reserve has paused cutting interest rates because of this.
The Mortgage Research Center says the average rate for a 30-year Fixed refinance loan dropped to 6.68% and was down 2.51% since last week.
FILE - A for sale sign stands outside a residence in Niles, Ill., Monday, July 1, 2024. (AP Photo/Nam Y. Huh, File)
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Overview

  • The average rate on a 30-year fixed mortgage dropped to 6.77% as of June 26, Freddie Mac reported, down from 6.81% a week earlier.
  • A ceasefire agreement between Iran and Israel and other easing geopolitical tensions have pulled 10-year Treasury yields lower, underpinning recent rate declines.
  • The Federal Reserve has kept its benchmark interest rate unchanged, signaling no imminent cuts despite economic uncertainty from President Trump’s tariffs.
  • Existing home sales in May inched up by 1.8% but remained at a 15-year low for the month, pressured by a record-high median price of $422,800 and elevated borrowing costs.
  • The Mortgage Bankers Association and Fannie Mae forecast that mortgage rates will stay near current levels or edge down modestly by the end of 2025.