Mortgage rates have decreased to 6.85%, down from 6.89% last week, influenced by a drop in 10-year Treasury yields due to disappointing private-sector job growth. A report revealed only 37,000 jobs were added in May, the lowest in two years. This decrease is welcomed by potential homebuyers as housing inventory improves and price growth slows. However, uncertainties regarding economic policies keep mortgage rates elevated. Economists do not expect a rate cut from the Federal Reserve in June, focusing instead on upcoming projections that may influence future policy decisions.
The average mortgage rate decreased this week, which is welcome news to potential homebuyers who also are seeing inventory improve and house price growth slow.
The drop followed a disappointing report from the payroll processing giant ADP showing that private companies added just 37,000 jobs in May, the lowest in two years.
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