Outdoor temperatures may have been HIGH during the first few weeks of summer... but mortgage interest rates have been falling!
Over the past years, the average 30 year fixed mortgage interest rate has been 7.01%.
The average rate peaked last October at 7.79% and then fell relatively steadily through December... but then (mostly) climbed again all the way through May when it hit 7.22%.
Since that time we have seen a decline almost every week, and the average rate is now 6.87%.
That is nearly a full percentage point lower than the high of 7.79% this past October.
Home buyers are certainly enjoying these lower mortgage interest rates though they hope they will continue to decline.
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