Mortgage Rates Decrease
The average 30-year fixed mortgage rate dipped slightly to 6.77% this week, reflecting ongoing rate stability since mid-April. Despite low home sales, the steady rates and increased housing inventory may give buyers more choices. The 15-year fixed mortgage also declined, averaging 5.89%, down from 5.96% last week.
According to FreddieMac,“Borrowers should find comfort in the stability of mortgage rates, which have only fluctuated within a narrow 15-basis point range since mid-April. Although recent data show that home sales remain low, the resulting available inventory provides homebuyers with a wider range of options to consider when entering the market,” said Sam Khater, Freddie Mac’s Chief Economist.”
