Mortgage Rates Down For Third Straight Week

Mortgage rates continued to slide in the latest Primary Mortgage Market Survey published by Freddie Mac (OTCQB: FMCC).

The 30-year fixed-rate mortgage averaged 6.87% as of June 20, down from last week when it averaged 6.95%. A year ago at this time, it averaged 6.67%.

The 15-year fixed-rate mortgage averaged 6.13%, down from last week when it averaged 6.17%. A year ago at this time, it averaged 6.03%.

“Mortgage rates fell for the third straight week following signs of cooling inflation and market expectations of a future Fed rate cut,” said Sam Khater, Freddie Mac’s chief economist. “These lower mortgage rates coupled with the gradually improving housing supply bodes well for the housing market. Aspiring homeowners should remember it’s important to shop around for the best mortgage rate as they can vary widely between lenders.”