Freddie Mac data shows U.S. mortgage rates slightly rise to 6.49%

Golden Ten Data reported on June 26 that as another underwhelming spring selling season draws to a close, U.S. mortgage rates have risen slightly. Freddie Mac stated in a release on Thursday that the average 30-year fixed mortgage rate rose to 6.49% from 6.47% a week earlier. A year ago, the rate stood at 6.77%. The high cost of borrowing has continued to burden the real estate market; previously, Middle East conflicts pushed up energy prices and inflation, leading to increased borrowing costs. This coincided with the prime selling season, further heightening anxiety among buyers and sellers. According to Redfin data, new property listings for the week ending June 21 fell by 1.7% from the previous week, dropping to the lowest level since February. Kara Ng, Senior Economist at Zillow, said: “A rate around 6.5% is still better than a year ago, which continues to offer some support for homebuyers. However, it is not enough to bring about a significant breakthrough in improving affordability.” Zillow projects that rates will remain between 6.4% and 6.5% throughout the summer, gradually dropping to around 6.2% before the end of the year.