Mortgage Rates Down Slightly This Week

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Mortgage rates went into minor decline after three weeks in ascension, according to the latest Primary Mortgage Market Survey from Freddie Mac (OTC:FMCC).

The 30-year fixed-rate mortgage averaged 6.71% as of June 8, down from last week when it averaged 6.79%. A year ago at this time, it averaged 5.23%.

The 15-year fixed-rate mortgage averaged 6.07%, down from last week when it averaged 6.18%. A year ago at this time, it averaged 4.38%.

“Mortgage rates decreased after a three-week climb,” said Sam Khater, Freddie Mac’s chief economist. “While elevated rates and other affordability challenges remain, inventory continues to be the biggest obstacle for prospective homebuyers.”