Mortgage Rates Fall for a Third Week, Hitting Lowest Since April

Mortgage rates in the US fell for the third week in a row, hitting the lowest level since April.

The average for 30-year, fixed loans was 6.63%, down from 6.72% last week, Freddie Mac said in a statement.

Borrowing costs followed 10-year Treasury yields, which slipped after last week’s unexpectedly weak jobs report bolstered bets that the Federal Reserve will cut interest rates soon. Any sign of a faltering economy may keep anxious house hunters on the sidelines, but mortgages pulling further away from 7% could potentially draw some interest.

“The decline in rates increases prospective homebuyers’ purchasing power ...