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Mortgage Rates Decline Once Again As Inflation Concerns Grow

Navi Persaud
Jun 17, 2021
The Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending April 3, 2020 has found that mortgage applications decreased 17.9 percent from one week earlier

Mortgage rates are down once again in hopes to help quell concerns over inflation and the increase in home prices.

KEY TAKEAWAYS
  • The 30-year fixed-rate mortgage averaged 2.93% for the week ending June 17, 2021.
  • The 15-year fixed-rate mortgage averaged 2.24% for the week ending June 17, 2021.
  • The 5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 2.52%.

Freddie Mac's Primary Mortgage Market Survey reported that the 30-year fixed-rate mortgage averaged 2.93% for the week ending June 17, 2021. Despite minimal increases in inventory, high home prices are keeping buyers at bay.

“Mortgage rates continue to drift down as markets concur with the view that inflation increases are temporary,” said Sam Khater, Freddie Mac’s Chief Economist. “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.”

The 15-year fixed-rate mortgage averaged 2.24% for the week ending June 17, 2021. According to the PMMS, this is down substantially from last year when the 15-year fixed-rate mortgage averaged 2.58%.

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Freddie Mac Primary Mortgage Market Survey
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