The 30-year fixed-rate mortgage averaged 6.69% in the week ending June 15, down from 6.71% the week before, according to data from Freddie Mac released Thursday. A year ago, the 30-year fixed-rate was 5.78%. Mortgage rates have remained over 5% for all but one week during the past year and even went as high as 7.08%, last reached in November.
“The interest rate hikes to date are likely to take some time to move through the economy and the Fed will adjust policy as they see fit in upcoming meetings,” said Jones. Importantly, she added, the forecast released suggested that more hikes are possible by the end of the year. But this rate pause is not going to push mortgage rates down immediately.
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