TOL - Mortgage rates inch lower to 2.96% housing market sees slowdown

Chainarong Prasertthai/iStock via Getty Images "Despite the stronger economy, the housing market is experiencing a slowdown in purchase application activity due to modestly higher mortgage rates. However, it has yet to translate into a weaker home price trajectory because the shortage of inventory continues to cause pricing to remain elevated," Freddie Mac’s Chief Economist Sam Khater commented.30-year fixed-rate mortgage averaged 2.96% for the week ending June 10, lower from 2.99% recorded in prior week and down from 3.21% averaged in same period a year ago, according to the Freddie Mac Primary Mortgage Survey.15-year FRM averages 2.23% down from last week when it averaged 2.27% and 2.62% a year ago.5-year Treasury-indexed hybrid adjustable rate mortgage averaged 2.55%, down from 2.64% in prior week, and lower from 2.62% a year ago.Fannie Mae's May data indicated by Home Purchase Sentiment Index shows that homebuyers are significantly discouraged by the current housing market; 35% of consumers believe now is a good time to buy

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Mortgage rates inch lower to 2.96%, housing market sees slowdown