Mortgage rates, or interest rates on home loans, continue to decline, according to data from Freddie Mac (FMCC.OB).
As of June 13, 2024, the 30-year fixed-rate mortgage (FRM) averaged 6.95 percent, a slight decrease from the previous week's average of 6.99 percent. In comparison, the 30-year FRM rate stood at 6.69 percent at the same time last year.
The 15-year FRM averaged 6.17 percent this week, down from 6.29 percent last week. A year ago, the 15-year FRM averaged 6.10 percent.
"Mortgage rates continued their downward trend this week as new data indicates that the economy is settling into a more sustainable growth trajectory," said Sam Khater, Freddie Mac's Chief Economist. "While the overall inflation numbers remained flat, the shelter inflation—reflecting rent and homeownership costs—has risen, indicating that housing affordability remains a significant challenge for prospective buyers."
