Mortgage Rates Continue To Drop

(RTTNews) - Mortgage rates, or interest rates on home loans, declined for the second consecutive week, according to mortgage provider Freddie Mac (FMCC.OB).

Releasing the results of its primary mortgage market survey, Freddie Mac said that the 30-year fixed-rate mortgage averaged 6.69 percent as of June 15, 2023, down from last week when it averaged 6.71 percent. A year ago at this time, the 30-year FRM averaged 5.78 percent.

The 15-year fixed-rate mortgage averaged 6.10 percent, up from last week when it averaged 6.07 percent. A year ago at this time, the 15-year FRM averaged 4.81 percent.

"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."