Mortgage rates dipped for a third straight week, with the average rate for a 30-year fixed-rate mortgage falling to 6.87%, down from 6.95% 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 6.67%.
“Mortgage rates fell for the third straight week following signs of cooling inflation and market expectations of a future Fed rate cut,” says Sam Khater, chief economist for Freddie Mac, in a statement. “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.”
The average rate for a 15-year fixed-rate mortgage was 6.13%, down from 6.17% last week but up from 6.03% a year ago.
Yesterday, the Mortgage Bankers Association reported that application volume increased 0.9% during the week ended June 14, as rates decreased slightly.
Photo: Ali Rezaei