Mortgage rates have fallen below the 7.0% mark, according to the latest weekly survey from Freddie Mac. The 30-year fixed-rate mortgage averaged 6.99% for the week ending June 6th, down 4 basis points from last week. This marks a 24 basis point decrease from the 2024 high recorded in early May.
- 15-Year Fixed-Rate Mortgage also fell this week down to an average of 6.29%, a drop of 7 basis points from the prior week.
What They’re Saying: Sam Khater, Freddie Mac’s Cheif Economist, commented, “Rates are just shy of seven percent, and we expect them to modestly decline over the remainder of 2024. If a potential buyer is looking to buy a home this year, waiting for lower rates may result in small savings, but shopping around for the best rate remains tremendously beneficial.”
Looking Ahead: The direction of the 10-year Treasury yield suggests that mortgage rates may continue to fall unless an unexpectedly high jobs number is reported on Friday.
Bottom line: The recent dip in mortgage rates below 7.0% offers a slight reprieve for homebuyers, with expectations of a modest decline continuing throughout 2024. Keeping an eye on economic indicators and rate fluctuations will be key for those looking to make informed home-buying decisions.