Mortgage Rates Continue to Drop in June 2023

Mortgage rates have fallen over the last seven days, with 15-year fixed and 30-year fixed mortgage rates both decreasing, as well as the average rate of the most common type of variable-rate mortgage, the 5/1 adjustable-rate mortgage. The Federal Reserve has paused interest rate hikes for now, but experts say that mortgage rates will continue to fluctuate on a daily basis due to a variety of economic factors, including inflation, employment, and the broader outlook for the economy. Homebuyers should focus on improving their credit score and saving for a down payment to increase their odds of qualifying for the lowest rate available.