The numbers: Mortgage rates inched up, but they’re not likely to impact home-buying demand significantly as buyers have adjusted to the new normal of 7%.
Home buyers are more challenged by the lack of inventory, as homeowners hold out on selling houses, leading to a drop in existing-home sales in May.
The 30-year fixed-rate mortgage averaged 6.71% as of June 29, according to data released by Freddie Mac on Thursday.
That’s up 4 basis points from the previous week — one basis point is equal to one hundredth of a percentage point.
Last week, the 30-year was at 6.67%. Last year, the 30-year was averaging 5.7%
The average rate on the 15-year mortgage rose to 6.06% from 6.03% last week. The 15-year was at 4.83% a year ago.
Freddie Mac’s weekly report on mortgage rates is based on thousands of applications received from lenders across the country that are submitted to Freddie Mac when a borrower applies for a mortgage.
Separate data by Mortgage News Daily said that the 30-year fixed-rate mortgage was averaging at 6.91% as of Thursday afternoon.
What Freddie Mac said: “Mortgage rates have hovered in the six to seven percent range for over six months and, despite affordability headwinds, homebuyers have adjusted and driven new home sales to its highest level in more than a year,” Sam Khater, chief economist at Freddie Mac, said in a statement.
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