Following three straight weeks of increases, mortgage rates experienced a moderate downtick this week, according to Freddie Mac’s weekly rate survey released Thursday.
The 30-year fixed-rate mortgage averaged 6.85% this week compared to 6.89% for the week ending May 29. The 15-year rate averaged 5.99% this week versus 6.03% the week prior.
“The average mortgage rate decreased this week, which is welcome news to potential homebuyers who also are seeing inventory improve and house price growth slow,” Sam Khater, Freddie Mac’s chief economist, said in a statement.
April saw the slowest year-over-year home price growth since 2012, according to Cotality. And Redfin reported that the U.S. housing market has nearly 500,000 more sellers than buyers — a sign that it’s now a buyer’s market.
Both the 30-year and 15-year fixed mortgage rates are roughly at their year-to-date average, according to Freddie Mac data.
The average 30-year mortgage rate peaked at 7.04% during the week of Jan. 16 and reached a low of 6.62% during the week of April 10.
The 15-year rate also hit a high for the year of 6.27% during the third week of January. Its low came during the week ending March 6, when it averaged 5.79%.
