Mortgage Rates Ease Again As 30-Year Average Falls To 6.47%
By CU Today Staff —
MCLEAN, Va.—Mortgage rates moved lower for the second consecutive week, with the average 30-year fixed-rate mortgage declining to 6.47%, according to Freddie Mac.
The 30-year fixed-rate mortgage averaged 6.47% as of June 18, down from 6.52% a week earlier and below the 6.81% average recorded at the same time last year. The average 15-year fixed-rate mortgage also edged lower, falling to 5.81% from 5.84% the previous week. A year ago, the 15-year mortgage averaged 5.96%.
Sam Khater, Freddie Mac's chief economist, said incoming economic data continues to point to a resilient consumer, citing improving retail sales and strengthening pending home sales activity. According to Khater, those trends suggest home-purchase demand is continuing to improve modestly despite borrowing costs remaining well above pandemic-era lows.
The latest decline provides some relief for prospective homebuyers, although mortgage rates remain elevated compared with historical norms. Housing industry observers continue to watch whether further easing in rates can help unlock additional home sales activity during the summer buying season.
Originally reported by CU Today.