US Mortgage Rates Slightly Decrease Last Week

06/04 17:10

On June 5, US mortgage rates saw a slight decline last week as sellers struggled to find buyers willing to accept their offers. According to Freddie Mac data, the average rate for a 30-year fixed mortgage fell from 6.53% to 6.48%. This rate was 6.85% at the same time last year. Economic uncertainty triggered by the Iran war has heightened inflation expectations, keeping housing loan rates high, which puts pressure on the sales season due to expensive borrowing costs. The growth rate of inventory has outpaced demand, making it difficult for many sellers nationwide to attract bids from buyers. Redfin real estate agent Patricia Ammann noted that the momentum for rising home prices is not as strong as it was five years ago, as high gasoline prices and rising living costs have made potential buyers less willing to drive up home prices.

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