Fixed-Rate Mortgages Decline in Week Ending June 20th, Marking Third Consecutive Drop
Mortgage Rates Move Lower
Freddie Mac has released its Primary Mortgage Market Survey® for the week ending Thursday, June 20th.
The 30-year fixed-rate mortgage averaged 6.87%, down from last week when it averaged 6.95%. A year ago at this time, the 30-year rate averaged 6.67%.
The 15-year fixed-rate mortgage averaged 6.13%, down from last week when it averaged 6.17%. A year ago at this time, the 15-year rate averaged 6.03%.
Commenting on the results of this week’s survey, Freddie Mac Chief Economist Sam Khater said:
“Mortgage rates fell for the third straight week following signs of cooling inflation and market expectations of a future Fed rate cut. These lower mortgage rates coupled with the gradually improving housing supply bodes well for the housing market. Aspiring homeowners should remember it’s important to shop around for the best mortgage rate as they can vary widely between lenders.”
FEA compiles the Wood Markets News from various 3rd party sources to provide readers with the latest news impacting forest product markets. Opinions or views expressed in these articles do not necessarily represent those of FEA.