Mortgage rates down slightly

The average 30-year fixed-rate mortgage stood at 6.25 percent this week, down slightly from last week, when it was 6.32 percent, according to Freddie Mac’s Primary Mortgage Market Survey.
“This week’s easing off in mortgage rates is rooted in the market’s wait-and-see posture with regard to the Federal Reserve Board’s upcoming actions on interest rates this year, starting with their meeting at the end of June,” said Frank Nothaft, Freddie Mac vice president and chief economist. “Mortgage rates have been remarkably stable and affordable and borrowers responded enthusiastically in May by pushing up new home sales nearly 15 percent – the biggest one-month gain in more than 11 years. Our current economic forecast sees 30-year mortgage rates staying in their current and attractive range of six to seven percent for the rest of the year.”

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