Mortgage rates will likely continue dropping as the Fed signals it will begin to lower interest rates. (iStock)
Mortgage rates reacted to positive economic data by dropping for a second week in a row, according to Freddie Mac.
The average 30-year fixed-rate mortgage was 6.95% for the week ending June 13, according to Freddie Mac’s latest Primary Mortgage Market Survey. That’s a decrease from the previous week when it averaged 6.99%, but up from 6.69% a year ago.
The average rate for a 15-year mortgage was 6.17%, down from 6.29% last week and up from 6.10% last year.
The dip in rates followed a positive inflation report showing a slight softening in consumer prices. On an annual basis, prices rose 3.3% in May, down from the 3.4% growth last month and below market expectations. On a monthly basis, prices remained unchanged after rising 0.3% the previous month. Economists…
