Mortgage Rates Drop For Third Consecutive Week

The standard 30-year fixed-rate mortgage average now sits at 6.94% which is down from last week's average of 7.02%.

Mortgage rates have dropped for the third consecutive week.

The standard 30-year fixed-rate mortgage average now sits at 6.94% which is down from last week’s average of 7.02%. This marks the lowest level since early April and below the key 7% threshold.

Mortgage rates track the benchmark 10-year U.S. Treasury yield, which moves in anticipation of the Federal Reserve’s decisions on interest rates.

The Fed has stated they plan to cut interest rates, but inflation has kept them from doing so.

Officials recently said they do not plan to raise interest rates again and hope to see a drop by the end of the year. That could mean lower mortgage rates would be expected as well. But for now, the housing market remains stagnant.