After rising for three consecutive weeks, mortgage rates decreased during the week ended June 8, with the average rate for a 30-year fixed-rate mortgage at 6.71%, down from 6.79% the previous week, according to Freddie Mac’s Primary Mortgage Market Survey.
A year ago, the average rate for a 30-year was 5.23%.
The average rate for a 15-year fixed-rate mortgage was 6.07%, down from 6.18% the previous week.
A year ago at this time, the average rate for a 15-year was 4.38%.
“Mortgage rates decreased after a three-week climb,” says Sam Khater, chief economist for Freddie Mac, in a release. “While elevated rates and other affordability challenges remain, inventory continues to be the biggest obstacle for prospective homebuyers.”
On Wednesday the Mortgage Bankers Association reported that mortgage application volume dipped 1.4% during the week ended June 2, with applications for refinances dropping 1% compared with the previous week and applications for purchases falling 2% compared with the previous week.
Photo: David Kristianto