MarketWatch
Mortgage rates fell for the first time in five weeks, offering home buyers a modicum of relief from stubbornly high borrowing costs. The drop in rates comes as the financial markets digest new information about the direction of the U.S. economy. The 30-year fixed-rate mortgage averaged 6.85% as of June 5, according to a weekly report from Freddie Mac. The 30-year rate is down 4 basis points from a week ago. Industry experts have stressed that lower mortgage rates could reinvigorate a stalled housing market. "Pent-up housing demand continues to grow, though not realized. Any meaningful decline in mortgage rates will help release this demand," Lawrence Yun, chief economist at the National Association of Realtors®, said recently, following the release of April data on sales of existing homes.