Lower borrowing costs may support housing demand as summer activity is projected to rise amid easing rates.
Average 30-year fixed mortgage rates fell to 6.43% as of July 2, marking the lowest level in seven weeks. The decline from 6.49% last week and 6.67% a year ago reflects easing borrowing costs for homebuyers.
Housing market activity is expected to gain momentum through the summer, supported by the rate drop. Last week’s print followed a modest decline, while year-ago comparisons show a sharper decrease, signaling potential relief for buyers.
No immediate market reaction was reported, though lower rates could stimulate mortgage applications and home sales in coming weeks.