Today’s Marketplace

The Markets

• Rates declines for the second straight week, but they started rising toward the end of the survey period.
• For the week ending June 7, Freddie Mac announced that 30-year fixed rates decreased to 4.54% from 4.56% the week before.
• The average for 15-year loans fell to 4.01% and the average for five-year adjustables decreased to 3.74%.
• A year ago, 30-year fixed rates averaged 3.89%.
• Attributed to Sam Khater, Chief Economist, Freddie Mac — “Homebuyers have taken advantage of the recent moderation in rates, which led to a four percent increase in purchase applications last week. Although demand has remained steadfast against the backdrop of this year’s higher borrowing costs, it’s important to note that the growth rate of purchase loan balances has moderated so far this year – and particularly since March. This slowdown indicates that buyers are having difficulty stretching to keep up with the pace of home-price growth. While the very healthy job market continues to fuel interest in buying a home, the supply shortages in most markets are pushing prices higher and currently keeping sales at a standstill. Listings for new and existing homes need to increase in the months ahead to moderate price growth and reignite sales activity.”

Note: Rates indicated do not include fees and points and are provided for evidence of trends only. They should not be used for comparison purposes.