Mortgage Rates Move Lower for Second Consecutive Week in the Week Ending June 17, 2021

Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending June 10, 2021. The PMMS reports that 30-year fixed-rate mortgage averaged 2.93% with an average 0.7 point, down from last week when it averaged 2.96%. A year ago at this time, the 30-year FRM averaged 3.13%. The 15-year fixed-mortgage averaged 2.23% with an average 0.6 point, down from last week when it averaged 2.24% with an average 0.6 point. A year ago, at this time, the 15-year FRM averaged 2.58%.

Sam Khater, Freddie Mac’s Chief Economist said in a statement prepared for this week’s PMMS that, “Mortgage rates continue to drift down as markets concur with the view that inflation increases are temporary. While mortgage rates are low, purchase demand has weakened over the last couple of months, primarily due to affordability constraints stemming from high home prices. With inventory tight, the slowdown in demand has yet to impact prices, meaning the summer will likely remain a strong seller’s market.”