The average U.S. mortgage rate dropped to 6.67%, the lowest since early April, encouraging potential buyers facing high home prices. The 15-year fixed-rate mortgage also declined to 5.80%. High mortgage rates have pressured the housing market, evidenced by a significant drop in home sales last year and ongoing sluggishness. Recent reports indicate a potential increase in sales, as pending home sales rose 1.8% in May. Market factors influencing mortgage rates include Federal Reserve policies and the 10-year Treasury yield.
The average rate on a 30-year U.S. mortgage fell to 6.67% from 6.77% last week, marking the lowest level since early April. A year ago, the rate was 6.95%.
Borrowing costs on 15-year fixed-rate mortgages decreased to 5.80% from 5.89% last week, compared to 6.25% a year ago, reflecting ongoing market fluctuations.
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