Mortgage rates ease for second straight week, leaving average rate on a 30-year home loan at 6.95%

Published June 13, 2024 10:16 AM

By ALEX VEIGA
AP Business Writer

LOS ANGELES (AP) — 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. The rate fell to 6.95% from 6.99% last week, mortgage buyer Freddie Mac said Thursday. A year ago, the rate averaged 6.69%. Mortgage rates are influenced by several factors, including how the bond market reacts to the Federal Reserve’s interest rate policy and the moves in the 10-year Treasury yield, which lenders use as a guide to pricing home loans. Yields eased this week following economic data showing slower growth.

Article Topic Follows: AP National

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