Overview
- The average 30-year fixed mortgage rate fell to 6.72% in the week ending Wednesday, down from 6.74%, according to Freddie Mac.
- Purchase applications declined about 6% week-over-week and June contract signings slipped 0.8% as near-7% rates continue to deter buyers.
- Unsold existing-home supply rose 9% in April to 1.45 million units, equal to a 4.4-month inventory—the highest in five years.
- The Mortgage Bankers Association projects 30-year rates will only modestly ease to around 6.5% over the next year amid sustained Treasury yield pressures.
- Zillow economist Anushna Prakash says rates would need to fall to roughly 4.43% to restore typical buyer affordability, a level deemed unrealistic.