Fixed Mortgage Rates Creep Lower in the Week Ending June 22nd
Mortgage Rates Continue to Slide Down
Freddie Mac has released its Primary Mortgage Market Survey® for the week ending June 22nd. The 30-year fixed-rate mortgage averaged 6.67%, down from last week when it averaged 6.69%. A year ago at this time, the 30-year FRM averaged 5.81%.
The 15-year fixed-rate mortgage averaged 6.03%, down from last week when it averaged 6.10%. A year ago at this time, the 15-year rate averaged 4.92%.
Adding additional background and his analysis to the report, Sam Khater, Freddie Mac’s Chief Economist, said:
“Mortgage rates slid down again this week but remain elevated compared to this time last year. Potential homebuyers have been watching rates closely and are waiting to come off the sidelines. However, inventory challenges persist as the number of existing homes for sale remains very low. Though, a recent rebound in single-family housing starts is an encouraging development that will hopefully extend through the summer.”
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