Mortgage rates declined in the latest Primary Mortgage Market Survey published by Freddie Mac (OTCQB: FMCC).
The 30-year fixed-rate mortgage averaged 6.48% as of June 4, down from last week when it averaged 6.53%. A year ago at this time, it averaged 6.85%.
The 15-year fixed-rate mortgage averaged 5.79%, down from last week when it averaged 5.87%. A year ago at this time, it averaged 5.99%.
Sam Khater, Freddie Mac’s chief economist, observed, “With mortgage rates in the mid-6% range and income growth outpacing home price growth, housing affordability is marginally improving.”
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