Mortgage rates dipped slightly this week

• 30-year mortgage rates dip slightly to 6.77%

• Mortgage rates have remained stable since mid-April

• Increased inventory may benefit prospective homebuyers

After inching higher during most of June, mortgage rates softened a bit this week. Freddie Mac’s latest Primary Mortgage Market Survey shows a slight decline in the most popular U.S. mortgage rates, signaling more hope for buyers as the summer unfolds. 

As of June 26, the average rate for a 30-year fixed-rate mortgage dropped to 6.77%, down modestly from 6.81% the previous week. A year ago, the same rate stood slightly higher at 6.86%.

The 15-year fixed-rate mortgage also saw a reduction, averaging 5.89%, compared to 5.96% the previous week. This marks an improvement over the 6.16% average recorded during the same period in 2024.

“Borrowers should find comfort in the stability of mortgage rates, which have only fluctuated within a narrow 15-basis point range since mid-April,” said Sam Khater, chief economist at Freddie Mac.

“Although recent data show that home sales remain low, the resulting available inventory provides homebuyers with a wider range of options to consider when entering the market.”

Narrow trading band

Since mid-April, mortgage rates have been largely resistant to wide swings, confined within a 15-basis point range — a phenomenon offering some predictability for both homebuyers and industry professionals. In a market often affected by economic volatility and shifting Federal Reserve policies, such consistency is a welcome change.

Though home sales continue to lag amid broader economic concerns, Khater said that the sluggish sales environment may, in fact, benefit buyers. Lower turnover has increased inventory levels in some markets, expanding the pool of available homes and improving purchasing choices for those ready to enter or move within the market.