Mortgage rates continued to edge down for a third week, with the average rate for a 30-year, fixed-rate mortgage falling to 6.86%, down from 6.87% last week, according to Freddie Mac.
A year ago at this time, the average rate for a 30-year was 6.71%.
“The 30-year fixed-rate mortgage continues to trend down, hitting the lowest level in almost three months,” says Sam Khater, chief economist for Freddie Mac, in a statement. “By historical standards, the economy is in good shape, and we expect rates to continue to come down over the summer months, bringing additional homebuyers back into the market.”
For the week ended June 27, the average rate for a 15-year fixed-rate mortgage was 6.16%, up from 6.13% last week and up from 6.06% a year ago.
Yesterday the Mortgage Bankers Association reported that mortgage application volume increased 0.8% during the week ended June 21, as rates fell.
Photo: Alison Pang