Mortgage rates decreased slightly this week, with the average rate for a 30-year, fixed-rate mortgage falling to 6.81% as of June 18, down from last week when it averaged 6.84%, according to Freddie Mac’s Primary Mortgage Market Survey.
A year ago at this time, the average rate for a 30-year was 6.87%.
“Mortgage rates moved lower, with the average 30-year fixed rate reaching a four-week low,” says Sam Khater, chief economist for Freddie Mac, in a statement. “More available inventory to choose from, coupled with this week’s decline in mortgage rates, could be the spark to get potential homebuyers off the sidelines.”
For the week ended June 18, the average rate for a 15-year fixed-rate mortgage was 5.96%, slightly down from last week when it averaged 5.97%.
A year ago at this time, the average rate for a 15-year was 6.13%.
On Wednesday, the Mortgage Bankers Association reported that mortgage application volume fell 2.6% during the week ended June 13, despite a decrease in rates.
Meanwhile, the Federal Open Market Committee on Wednesday voted to maintain the fed funds rate in the current range of 4.25% to 4.5%, but hinted that it still may cut rates later this year.
Photo: Declan Sun