FX.co ★ US Mortgage Rates Edge Up: MBA

The Mortgage Bankers Association reported an increase in the average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances (up to $806,500) in the US to 6.88% for the week ending June 13th. This marks a rise of 4 basis points from the previous week, where rates were at 6.84%, the lowest in six weeks. Joel Kan, vice president and deputy chief economist at the MBA, noted, "The ongoing conflict in the Middle East, current economic conditions, and the recent FOMC meeting collectively led to slightly lower Treasury rates on average. Despite this, mortgage rates saw a small uptick but stayed within a narrow range." A year ago, the borrowing costs stood slightly higher at 6.93%.