Overview

• 30-year mortgage rates dropped to a 6.96% average on June 11, marking a further retreat after last week’s surge, while 30-year refinance rates fell to 7.14%.
• Total mortgage application volume rose 12.5% in the past week, reaching its highest level in over a month, according to the Mortgage Bankers Association.
• Realtor.com reports that housing inventory is up 31% year over year, easing supply constraints for homebuyers.
• The Federal Reserve held the federal funds rate steady at its third meeting of 2025, suggesting rate cuts may be on pause after three reductions in late 2024.
• Rates continue to vary across states as regional lender strategies and local credit profiles drive differences of nearly 20 basis points.