Record Low Mortgage Rates Hit America in June

The average long-term mortgage rate in the US has fallen to a six-month low, dropping to 6.67% for a 30-year mortgage and 5.95% for a 15-year mortgage. This marks the eighth consecutive week of declining rates, bringing them back to levels seen in late June. The decrease in rates is attributed to the decline in the 10-year Treasury yield, which lenders use as a reference for loan pricing. The drop in mortgage rates is expected to boost home sales and increase the inventory of homes on the market in the coming year.