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Fannie Mae states that the U.S. 30-year mortgage rate has fallen to its lowest level in a month

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Golden Finance reports that on June 19, as tensions in the Middle East eased and inflation concerns cooled, U.S. mortgage rates fell to their lowest level in a month, providing a breather for homebuyers. Freddie Mac stated in a Thursday release that the average rate for a 30-year fixed mortgage dropped from 6.52% a week earlier to 6.47%. A year ago, this rate was 6.81%. After a period of intense volatility in borrowing costs, the spring home sales season is nearing its end. Previously, mortgage rates surged due to the outbreak of conflict in the Middle East at the end of February. However, a temporary peace agreement announced this week and news of the potential reopening of the Strait of Hormuz pushed crude oil prices down, helping to ease upward pressure on mortgage rates. Spring sales showed some unexpected resilience. The National Association of Realtors (NAR) said on Wednesday that existing home contract signings in May increased by 3.8%, despite still being at historic lows. This indicator is more forward-looking than sales volume, and the rise in contract signings suggests that homebuyers may be gradually adapting to higher interest rates. Nevertheless, housing affordability remains an issue. According to a Redfin report, in the four weeks ending June 14, the median monthly mortgage payment in the U.S. rose to $2,647, the highest in a year, only about $100 below the record high in 2023.
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