Freddie Mac published its latest findings from the Primary Mortgage Market Survey (PMMS) today, revealing that the average rate for a 30-year fixed-rate mortgage (FRM) stood at 6.71%.
According to Sam Khater, Chief Economist at Freddie Mac, "After a three-week ascent, mortgage rates have finally declined. Although rates remain high, and there are other challenges in terms of affordability, the limited housing inventory continues to pose the greatest hurdle for potential homebuyers."
As of June 8, 2023, the average rate for a 30-year fixed-rate mortgage dropped from last week's 6.79% to 6.71%. Comparatively, one year ago, the average rate for a 30-year FRM was 5.23%.
Additionally, the average rate for a 15-year fixed-rate mortgage decreased from 6.18% last week to 6.07%. In comparison, the rate was at 4.38% around the same time last year.
