FX.co ★ US Mortgage Rates Lowest in Nearly 3 Months: MBA

In the week ending June 27th, the average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances, capped at $806,500, decreased by 9 basis points to 6.79%, as reported by the Mortgage Bankers Association. This marks the lowest rate in approximately three months and a decline from the 7.03% rate observed a year prior. The reduction in borrowing costs corresponds with the decrease in Treasury yields, as market expectations grow for at least two quarter-point reductions in the federal funds rate by the Federal Reserve this year.