Mortgage rates edged down for a second week, with the average rate for a 30-year fixed-rate mortgage falling to 6.95%, down from 6.99% 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 6.69%.
“Mortgage rates continued to fall back this week as incoming data suggests the economy is cooling to a more sustainable level of growth,” says Sam Khater, chief economist for Freddie Mac, in a statement. “Top-line inflation numbers were flat but shelter inflation, which measures rent and homeownership costs, increased showing that housing affordability continues to be an ongoing impediment for buyers on the house hunt.”
The average rate for a 15-year fixed-rate mortgage was 6.17%, down from 6.29% last week and down from 6.10% a year ago.
The survey is focused on conventional, conforming, fully amortizing home purchase loans for borrowers who put 20% down and have excellent credit.