After rising for four straight weeks, Freddie Mac's weekly mortgage rate survey showed double digit drops in mortgage rates this week. 

The GSE's Chief Economist Frank Nothaft attributed the easing to "the release of the latest Federal Reserve's  policy statement that it expects inflation to moderate later this year and the reporting of May's timid increase in core personal consumption prices." He also said there were less chances of future rate hikes in the Fed Funds Futures.

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