The average 30-year fixed-rate mortgage ticked down one basis point this week to 6.84%, according to Freddie Mac’s weekly mortgage survey. The 15-year rate followed suit, dipping two basis points to 5.97%.
A year ago at this time, the 30-year rate stood at 6.95% and the 15-year rate averaged 6.17%.
“Mortgage rates have moved within a narrow range for the past few months, and this week is no different,” Sam Khater, Freddie Mac’s chief economist, said in a statement. “Rate stability, improving inventory and slower house price growth are an encouraging combination as we celebrate National Homeownership Month.”
The popular 30-year fixed-rate mortgage reached as high as 7.04% in January before retreating to a low of 6.62% in April, according to Freddie Mac data. After spiking to an average of 6.83% during the week ending April 17, it has remained stuck in a range of 6.76% to 6.89% since.
