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Mortgage rates this week
Fixed mortgage rates continued to ease downward the week ending June 20, as no news was good news for mortgage lenders.
The 30-year fixed-rate mortgage averaged 6.76% APR, down eight basis points from the previous week's average, according to rates provided to NerdWallet by Zillow. A basis point is one one-hundredth of a percentage point.
The 15-year fixed-rate mortgage averaged 6% APR, down 11 basis points from the previous week's average.
The 5-year adjustable-rate mortgage averaged 7.78% APR, up five basis points from the previous week's average.
Without any decisive economic news or market moves, mortgage interest rates for fixed-rate loans drifted lower this week. Should this trend continue, 30-year mortgage rates below 7% could heat up this summer's housing market. Prospective home buyers have been grateful for any help they can get as home prices remain frustratingly high, so even slightly lower rates could convince some buyers to start — or resume — a house hunt.
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June mortgage rate forecast
Mortgage rates are influenced by many factors, including inflation and jobs data. The Federal Reserve's monetary policy is another consideration.
At its June 12, 2024, meeting, the Fed kept the interest rate that banks charge one another for short-term loans unchanged and said that inflation "has eased over the past year but remains elevated." It indicated that interest rate cuts are possible this year, which could deliver relief for mortgage rates.
What other forecasters predict
Fannie Mae and the Mortgage Bankers Association revised their mortgage rate forecasts upward in May as inflation has proved tenacious. Fannie Mae's prediction is less optimistic than the MBA's.
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