Overview

• The national average for 30-year fixed loans fell to 6.91% on June 12, marking its lowest reading since early May.
• Mortgage rates declined for three straight days, erasing a recent surge that pushed the 30-year average to a one-year high of 7.15%.
• Rates on other products eased as well, with 15-year fixed loans averaging 5.98% and FHA and jumbo 30-year rates dipping near 7%.
• The Federal Reserve held its federal funds rate steady for the third time this year, maintaining a peak-level policy unchanged since July 2023.
• Mortgage applications rebounded as improving for-sale inventory attracted buyers eager to lock in lower borrowing costs.