Overview
- The average 30-year fixed mortgage rate declined for a fifth straight week to 6.67%, Freddie Mac data shows, while the Mortgage Research Center reports a drop to 6.61%.
- The average 15-year fixed rate eased to 5.80% according to Freddie Mac and to 5.57% per the Mortgage Research Center, extending multi-week declines.
- Refinance rates for 30-year loans remain near early-April lows at 6.97%, and refinancing applications jumped 7% week-over-week, the Mortgage Bankers Association reports.
- Pending home sales increased by 1.8% in May as borrowing costs softened, according to the National Association of Realtors.
- Economists caution that mortgage rates are likely to stay within a 6%–7% range in the near term as Treasury yields and Federal Reserve policy stabilize.