Mortgage rates took a dip for the second consecutive week, according to the latest Primary Mortgage Market Survey from Freddie Mac (OTCQB: FMCC).
The 30-year fixed-rate mortgage averaged 6.69% as of June 15, down from last week when it averaged 6.71%. A year ago at this time, it averaged 5.78%.
The 15-year fixed-rate mortgage averaged 6.10%, up from last week when it averaged 6.07%. A year ago at this time, it averaged 4.81%.
“Mortgage rates decreased slightly this week in anticipation of the pause in rate hikes by the Federal Reserve,” said Sam Khater, Freddie Mac’s chief economist. “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.”
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