Mortgage rates dipped for a third straight week as the average rate for a 30-year fixed-rate mortgage fell to 6.67%, down from 6.69% 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 5.81%.
“Mortgage rates slid down again this week but remain elevated compared to this time last year,” says Sam Khater, chief economist for Freddie Mac, in a statement. “Potential homebuyers have been watching rates closely and are waiting to come off the sidelines. However, inventory challenges persist as the number of existing homes for sale remains very low. Though, a recent rebound in single-family housing starts is an encouraging development that will hopefully extend through the summer.”
The average rate for a 15-year fixed-rate mortgage was 6.03%, down from 6.10% last week.
A year ago at this time, the average rate for a 15-year was 4.92%.
On Wednesday, the Mortgage Bankers Association reported that mortgage applications increased during the week ended June 16, driven by a 2% increase in purchase applications.
Photo: Irena Carpaccio