Mortgage Rates Fall Amid Global Economy and Home Sale Concerns

Freddie Mac reports that the average rate for the 30-year fixed mortgage declined to 3.75% from last week’s 3.81%.

“Mortgage rates continued to hover near three-year lows and purchase application demand has responded, rising steadily over the last two months to the highest year-over-year change since the fall of 2017,” Freddie Mac Chief Economist Sam Khater said. “While the improvement has yet to impact home sales, there’s a clear firming of purchase demand that should translate into higher home sales in the second half of this year.”

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