For the week ending June 22, 30-year rates eased to 6.67% from 6.69% the week before.

Rates were slightly lower again last week, though Fed Chairman Powell’s message before Congress that more rate hikes are ahead caused the markets to reverse course a bit mid-week. For the week ending June 22, 30-year rates eased to 6.67% from 6.69% the week before. In addition, 15-year loans decreased to 6.03%. A year ago, 30-year fixed rates averaged 5.79%, less than 1.0% lower than today. Attributed to Sam Khater, Chief Economist, Freddie Mac, “Mortgage rates slid down again this week but remain elevated compared to this time last year. Potential homebuyers have been watching rates closely and are waiting to come off the sidelines. However, inventory challenges persist as the number of existing homes for sale remains very low. Though, a recent rebound in single-family housing starts is an encouraging development that will hopefully extend through the summer.” Note: Rates indicated do not include fees and points and are provided for evidence of trends only. They should not be used for comparison purposes.

Current Indices for Adjustable Rates
Updated June 23, 2023