After a three-week period of rising rates, mortgage rates have declined this week, reflecting the ongoing volatility caused by conflicting economic indicators.

According to data released by Freddie Mac on Thursday, the average rate for a 30-year fixed-rate mortgage stood at 6.71% in the week ending June 8, down from 6.79% the previous week.

Comparatively, one year ago, the 30-year fixed rate averaged 5.23%, CNN reports.

Sam Khater, the chief economist at Freddie Mac, highlighted that although rates and affordability challenges persist at higher levels, the primary obstacle for potential homebuyers continues to be the limited inventory of available homes.

Written by staff