The average rate on a 30-year U.S. mortgage eased to 6.72%, offering relief to homebuyers amid rising home prices and high borrowing costs. Additionally, 15-year fixed-rate mortgage rates dropped to 5.85%. The U.S. housing market continues to struggle due to elevated mortgage rates dating back to 2022. The Federal Reserve’s interest rate decisions and bond market expectations influence mortgage rates, with the 10-year Treasury yield at 4.34% on Thursday. Despite rates easing, pending home sales fell 0.8% in June, hinting at further softening in the housing market. Mortgage applications also dropped 3.8% last week.

Read more at Yahoo Finance: Average rate on a 30-year mortgage eases again, offering modest relief for home shoppers