Mortgage rates were basically flat this week, with the average rate for a 30-year, fixed-rate mortgage at 6.84%, down slightly from last week when it averaged 6.85%, according to Freddie Mac’s Primary Mortgage Market Survey.
A year ago at this time, the average rate for 30-year was 6.95%.
“Mortgage rates have moved within a narrow range for the past few months and this week is no different,” says Sam Khater, chief economist for Freddie Mac, in a statement. “Rate stability, improving inventory and slower house price growth are an encouraging combination as we celebrate National Homeownership Month.”
The average rate for a 15-year fixed-rate mortgage was 5.97%, down from 5.99% last week and down from 6.17% a year ago.
“This calm in rates follows a wave of encouraging inflation data,” says Samir Dedhia, CEO of One Real Mortgage, in a statement. “May’s Core CPI rose just 0.1 percent month-over-month, below forecasts of 0.3 percent, and May’s Producer Price Index mirrored this softness with an increase of 0.1 percent, while Core PPI came in at 3.0 percent year-over-year, slightly under expectations of 3.1 percent. That combination eased pressure on Treasury yields and mortgage-backed securities, helping mortgage rates maintain their current levels.”
“For buyers and homeowners, these steady-to-slightly‑lighter rates are welcome news,” Dedhia adds. “Holding below 7 percent, they support better monthly budget flexibility and offer refinancing opportunities. Now is a smart time to connect with a mortgage professional, evaluate whether to lock in current rates, or explore a refinance, before the next round of inflation reports arrives.”
Photo: Federico Burgalassi