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 week’s average U.S. mortgage rates. LOS ANGELES — 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. Signs 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.that inflation has fallen further toward their target level of 2% in recent months but signaled that they expect to cut their benchmark interest rate just once this year. That’s down from their previous projection of three cuts.