Mortgage Rates in the US Decline to a Two-Month Low of 6.87%

Mortgage rates in the US dropped for a third consecutive week, falling to the lowest level since early April.

The average for a 30-year, fixed loan was 6.87%, down from 6.95% last week, Freddie Mac said in a statement Thursday.

While the string of recent declines helps ease some of the pressure on homebuyers, many remain on the sidelines. Owners also are reluctant to list their properties and move, which would mean giving up their pandemic-era cheap loans. With key inflation metrics cooling toward the Federal Reserve’s 2% target, housing experts are looking forward to rate cuts to ...