HOMZ - Long-term mortgage rates continue to fall but still above year-ago level

2023-06-22 12:12:15 ET

Long-term mortgage rates continued to fall, but remained above the level a year ago, according to the Freddie Mac Primary Mortgage Survey.

30-year fixed-rate mortgages averaged 6.67% as of June 22, down from last week when they averaged 6.69% and higher than 5.81% in the year-ago period.

15-year fixed-rate mortgages averaged 6.03%, down from 6.10% last week and up from 4.92% a year ago.

"Mortgage rates slid down again this week but remain elevated compared to this time last year," Freddie Mac's chief economist, Sam Khater, said.

"Potential homebuyers have been watching rates closely and are waiting to come off the sidelines. However, inventory challenges persist as the number of existing homes for sale remains very low," Khater added.

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