![]() ![]() predicts the average mortgage rate will land at 6.1% by the end of 2023, lower than its previous estimate of 7.1%, according to a June 22 statement. Some economists are now projecting mortgage rates will drop further, partly because the Federal Reserve said it would slow the pace of its rate hikes going forward, after it announced a pause at its June 14 meeting. ![]() Mortgage Rates Projected To Drop Further this Year Freddie Mac is a government-sponsored enterprise that buys mortgages and packages them as mortgage-backed securities. However, inventory challenges persist as the number of existing homes for sale remains very low,” Sam Khater, chief economist at Freddie Mac, said in a news release announcing the survey results.įigures for the survey come from conventional mortgage applications submitted to lenders across the U.S. ![]() “Potential homebuyers have been watching rates closely and are waiting to come off the sidelines. As of June 22, the rate averaged 6.03%, a drop from 6.10% a week earlier but much higher than the 4.92% average a year earlier. The 15-year, fixed-rate mortgage shows a similar trend. Mortgage rates have continued their sluggish decline for a third consecutive week, but the housing market remains costly as interest rates are still hovering above 6%, according to the weekly survey from mortgage giant Freddie Mac.Īs of Thursday, June 22, the 30-year, fixed-rate mortgage averaged 6.67%, down from 6.69% the week before, the survey shows. ![]()
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