The average rate on 30-year fixed home loans from Freddie Mac decreased again to 6.77% for the week ending June 26.

The Federal Reserve doesn’t set mortgage interest rates, and in recent cycles mortgage rates seemed to blow off the Fed. But if there’s clearer consensus that rate cuts are coming, mortgage rates could drop. That would be welcome news for home buyers ...

The Fed report suggests that a higher prime rate is causing, at least in part, growth in card interest rates. The prime rate remained stable at 7.5% throughout the first quarter. But it is still much higher than it was during the beginning of the 2020s, when it wasn’t uncommon to see the benchmark rate fall between 3.25% and 5.5%.

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The U.S. economy added 147,000 jobs in June, beating analyst expectations, the Bureau of Labor Statistics reported.

High interest rates hurt Long Island’s housing, job market and growth. Martin Cantor argues it’s time for the Fed to cut rates to aid economic recovery.