Mortgage Rates Continue to Decrease
Washington, DC, June 18, 2021–Mortgage rates continue to drift down as markets concur with the view that inflation increases are temporary, according to Freddie Mac.
The mortgage buyer reported that the average for the key 30-year home loan fell to 2.93% from 2.96% last week; the rate for a 15-year loan increased to 2.24%, up from 2.23% last week.
In a news release the organization said, “While mortgage rates are low, purchase demand has weakened over the last couple of months, primarily due to affordability constraints stemming from high home prices. With inventory tight, the slowdown in demand has yet to impact prices, meaning the summer will likely remain a strong seller's market.”