U.S. 30-year FRM averaged 6.99% as of June 6, 2024, down from last week when it averaged 7.03%. A year ago at this time, the 30-year FRM averaged 6.71%, according to Freddie Mac.
The 15-year FRM averaged 6.29%, down from last week when it averaged 6.36%. A year ago at this time, the 15-year FRM averaged 6.07%.
“Mortgage rates retreated this week given incoming data showing slower growth,” said Sam Khater, Freddie Mac’s Chief Economist. “Rates are just shy of 7%, and we expect them to modestly decline over the remainder of 2024. If a potential buyer is looking to buy a home this year, waiting for lower rates may result in small savings, but shopping around for the best rate remains tremendously beneficial.”
