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.”
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
The post Mortgage Rates Dipped Again This Week appeared first on MortgageOrb.
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