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Mortgage rates dropped for the third consecutive week on the back of market expectations of a future Federal Reserve rate cut, according to the Freddie Mac Primary Mortgage Survey.
30-year fixed-rate mortgages averaged 6.87% as of June 20, compared to 6.95% last week and 6.67% in the year-ago week.
15-year fixed-rate mortgages averaged 6.13%, down from 6.17% a week ago and higher than 6.03% a year ago.
"Mortgage rates fell for the third straight week following signs of cooling inflation and market expectations of a future Fed rate cut," Freddie Mac's chief economist, Sam Khater, said.
"These lower mortgage rates coupled with the gradually improving housing supply bodes well for the housing market," Khater added.