U.S. mortgage rates hold firm, still above 5%

U.S. mortgage rates were relatively unchanged this week, according to Freddie Mac.

The 30-year fixed mortgage rate averaged 5.09% for the week ending June 2 — down from 5.10% last week. A year ago, mortgage rates averaged 2.99%.

Mortgage rates factor into home sales and the refinance market and the new higher rates likely will start impacting housing-related activity.

“Mortgage rates continued to inch downward this week but are still significantly higher than last year, affecting affordability and purchase demand,” said Sam Khater, Freddie Mac’s chief economist. “Heading into the summer, the potential homebuyer pool has shrunk, supply is on the rise and the housing market is normalizing. This is welcome news following unprecedented market tightness over the last couple years.

Dayton-area home sales have mostly shined through the Covid-19 pandemic. However, local home and condo sales fell 3% in April, though prices increased, according to Dayton Realtors.

I'm a song witter, story teller and likes to blog
%d bloggers like this: