FX.co ★ US Mortgage Rate Drops Marginally

The average rate for a 30-year fixed mortgage backed by Freddie Mac decreased by 1 basis point from the prior week, settling at 6.84% as of June 12th. This marks a continued decline from the peak reached almost four months ago, observed two weeks earlier. According to Sam Khater, Freddie Mac’s chief economist, "Mortgage rates have fluctuated within a narrow range over recent months, and this week remains consistent with that trend. The combination of stable rates, improved inventory, and slower growth in house prices is encouraging as we celebrate National Homeownership Month."