Mortgage rates dropped in the latest Primary Mortgage Market Survey published by Freddie Mac (OTCQB: FMCC).
The 30-year fixed-rate mortgage averaged 6.85% as of June 5, down from last week when it averaged 6.89%. A year ago at this time, it averaged 6.99%.
The 15-year fixed-rate mortgage averaged 5.99%, down from last week when it averaged 6.03%. A year ago at this time, it averaged 6.29%.
“The average mortgage rate decreased this week, which is welcome news to potential homebuyers who also are seeing inventory improve and house price growth slow,” said Sam Khater, Freddie Mac’s chief economist.
