Mortgage rates drop, but borrowers hesitate in hopes that they will go lower. (iStock)
Mortgage rates tumbled further this week as strong economic data and a positive inflation report provided some reassurance that the Federal Reserve may finally pull the trigger on interest rate reductions.
The average 30-year fixed-rate mortgage was 6.77% for the week ending July 18, according to Freddie Mac’s latest Primary Mortgage Market Survey. That’s a decrease from the previous week when it averaged 6.89%, almost aligning with the 6.78% it was a year ago.
The average rate for a 15-year mortgage was 6.05%, down from 6.17% last week and down from 6.06% last year.
Mortgage rates continue to drop as signs that the Fed, which has held its policy rate in the 5.25%-5.50% range for the past year, will cut borrowing costs soon. Speaking at the Economic Club of Washington D.C. earlier this…
