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Mortgage rates this week
Fixed mortgage rates sank slightly in the week ending June 13, with 30-year fixed loans continuing last week’s decline below 7%.
The 30-year fixed-rate mortgage averaged 6.84% APR, down five 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 6.11% APR, down eight basis points from the previous week's average.
The 5-year adjustable-rate mortgage averaged 7.73% APR, up one basis point from the previous week's average.
This week’s fixed mortgage interest rates were mildly better than last week, which can be partially attributed to two events: the Bureau of Labor Statistics released a slightly-better-than-expected Consumer Price Index report, which provides a way to measure inflation, and the Federal Reserve concluded its June meeting Wednesday.
The committee chose to keep interest rates flat, meaning that no precipitous drops in mortgage rates are likely, but Fed Chairman Jerome Powell made positive comments about the overall economy and the direction of inflation. As such, we can expect that rates will improve with time, but it will probably be months before we see major movement.
Mortgage loans from our partners
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on New American Funding
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June mortgage rate forecast
Mortgage rates weren't expected to vary much in the first week and a half of June. But June 12 loomed large on the calendar. Among the factors that influence mortgage rates, two items have had an especially significant effect in recent years: the monthly consumer price index and meetings of the Federal Reserve's monetary policy committee. And both happened June 12 in an uncommon kink in the calendar.
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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