A sign noting the availability of a home is displayed in Rolling Meadows, Ill., Monday, June 10, 2024. On Thursday, June 13, 2024, Freddie Mac reports on this weeks average U.S. mortgage rates. – 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.
“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. Yields have eased recently following some economic data showing slower growth. On Thursday, a report showed inflation at the wholesale level fell from April into May. That followed a surprisinglySigns that the economy is cooling can drive inflation lower, which could persuade the Fed to lower its short-term interest rate from its highest level in more than two decades.
The average rate on a 30-year mortgage remains near a two-decade high, adding hundreds of dollars a month in costs on a home loan, limiting homebuyers’ purchasing options.