30-Year Fixed-Rate Mortgage Falls, but 15-Year Rate Rises in the Week Ending June 15th
Mortgage Rates Continue to Come Down
Freddie Mac has released its Primary Mortgage Market Survey® for the week ending June 15th. The 30-year fixed-rate mortgage averaged 6.69%, down from last week when it averaged 6.71%. A year ago at this time, the 30-year rate averaged 5.78%.
The 15-year fixed-rate mortgage averaged 6.10%, up from last week when it averaged 6.07%. A year ago at this time, the 15-year rate averaged 4.81%.
Adding additional background and his analysis to this week’s report, Sam Khater, Freddie Mac’s Chief Economist, said:
“Mortgage rates decreased slightly this week in anticipation of the pause in rate hikes by the Federal Reserve. As inflation continues to decelerate, economic growth is slowing and the tightening cycle of monetary policy is reaching its apex, which means mortgage rates are expected to decrease this year and into next.”
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