Mortgage rates in the United States have fallen for the second consecutive week.
On Thursday, Freddie Mac said the average rate on 30-year fixed-rate mortgages was 6.77%, the lowest since mid-March and down from 6.89% last week.
According to Redfin Corp, the cost of borrowing is falling from its highs, helping to push monthly housing payments lower from record highs. Redfin said buyers also benefit from an increase in supply, with total housing listings nearing their highest level in about four years.
Realtor.com economist Jiayi Xu said the expected increase in inventory will gradually put downward pressure on price hikes, and the drop in mortgage rates will help lower borrowing costs, providing more help for potential homebuyers.