Mortgage rates fluctuate as demand rises and falls.

Mortgage rates have decreased slightly for the second week in a row as the Federal Reserve paused on raising the federal funds rate. The 30-year fixed-rate mortgage averaged 6.69% in the week ending June 15, down from 6.71% the week before. The average mortgage rate is based on mortgage applications that Freddie Mac receives from thousands of lenders across the country. Although the economy has likely not yet seen the full impact of the Fed’s 10 consecutive rate hikes, the action marked an important step in the Fed’s policy.