(CNN) – Mortgage rates fell for the third straight week to their lowest level in almost three months.
Freddie Mac reported Thursday that the standard for a 30-year fixed-rate mortgage averaged 6.87% for the week ending June 20.
That’s down from last week’s 6.95% average and down from a 2024 peak of 7.22%. Still, mortgage rates remain higher than anything seen in the decade before 2022.
That’s the year the Federal Reserve began to raise interest rates to combat inflation.
Despite rates trending down, owning a home is becoming harder for many Arizonans. A study by Bankrate found you need to make at least $110,271 to comfortably afford a home in Arizona. That’s up 67% from 2020.
The median home price in the state is $451,500, according to Redfin. In the Phoenix Metro, it’s $461,990, up 5.5% from last year.
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Source: azfamily.com