Mortgage Rates Slide To Just Under 7%

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

The 30-year fixed-rate mortgage averaged 6.99% as of June 6, down from last week when it averaged 7.03%. A year ago at this time, it averaged 6.71%.

The 15-year fixed-rate mortgage averaged 6.29%, down from last week when it averaged 6.36%. A year ago at this time, it averaged 6.07%.

“Mortgage rates retreated this week given incoming data showing slower growth,” said Sam Khater, Freddie Mac’s chief economist. “Rates are just shy of 7%, and we expect them to modestly decline over the remainder of 2024. If a potential buyer is looking to buy a home this year, waiting for lower rates may result in small savings, but shopping around for the best rate remains tremendously beneficial.”