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Mortgage rates this week
Mortgage rates fell the week ending June 6, with average rates on 30-year fixed loans dipping below 7%.
The 30-year fixed-rate mortgage averaged 6.89% APR, down 13 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 6.19% APR, down eight basis points from the previous week's average.
The 5-year adjustable-rate mortgage averaged 7.72% APR, down four basis points from the previous week's average.
After ticking up the prior week, the average 30-year rate landed about where it was two weeks ago and roughly 40 basis points lower than this year's peak in early May.
Two big events that can move rates are on tap for next week: The U.S. Bureau of Labor Statistics will release the Consumer Price Index, which measures inflation. And the Federal Reserve's Federal Open Market Committee will release a monetary policy statement.
Lower inflation could lead to lower interest rates. But market watchers generally don't expect a rate cut from the Fed this month. As of June 6, the chance of the Fed keeping the federal funds interest rate unchanged was more than 99%, according to the CME FedWatch Tool.
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June mortgage rate forecast
Mortgage rates probably won't vary much in the first week and a half of June. But starting June 12, it's anyone's guess what they will do. Among the factors that influence mortgage rates, two items have exerted an especially big impact in recent years: the monthly consumer price index, and meetings of the Federal Reserve's monetary policy committee. And both will happen on 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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