Mortgage rates dipped for a second week, as the average rate for a 30-year fixed-rate mortgage was 6.69%, down from 6.71% 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 5.78%.
The average rate for a 15-year fixed-rate mortgage was 6.10%, up from 6.07% the previous week.
A year ago at this time, the average rate for a 15-year was 4.81%.
“Mortgage rates decreased slightly this week in anticipation of the pause in rate hikes by the Federal Reserve,” says Sam Khater, chief economist for Freddie Mac, in a statement. “As inflation continues to decelerate, economic growth is slowing and the tightening cycle of monetary policy is reaching its apex, which means mortgage rates are expected to decrease later this year and into next.”
As a result of the recent dip in rates, mortgage application volume increased 7.2% during the week ended June 9, according to the Mortgage Bankers Association’s (MBA) Weekly Applications Survey.