Mortgage rates dipped this week, with the average rate for a 30-year fixed-rate mortgage dropping to 6.99%, down from 7.03% last week, according to Freddie Mac’s Primary Mortgage Market Survey.
A year ago at this time, the average rate for a 30-year was 6.71%.
“Mortgage rates retreated this week given incoming data showing slower growth,” says Sam Khater, chief economist for Freddie Mac, in a statement. “Rates are just shy of seven percent, and we expect them to modestly decline over the remainder of 2024. If a potential buyer is looking to buy a home this year, waiting for lower rates may result in small savings, but shopping around for the best rate remains tremendously beneficial.”
The average rate for a 15-year fixed-rate mortgage was 6.29%, down from 6.36% last week but up from 6.07% a year ago.
Yesterday, the Mortgage Bankers Association reported that mortgage application volume sank 5.2% during the week ended May 31, as the average rate for a 30-year increased to 7.07%.
Photo: David Kristianto