US Mortgage Rates Fluctuate in June 2023

The average long-term US mortgage rate fell to 6.71% from 6.79% last week, easing from a seven-month high, according to Freddie Mac. The average rate on 15-year fixed-rate mortgages also fell, slipping to 6.07% from 6.18% last week. High rates can add hundreds of dollars a month in costs for homebuyers, limiting how much they can afford in a market that remains out of reach to many Americans after years of soaring home prices. The US housing market has been slow to regain its footing this year, limited by elevated mortgage rates and the thin inventory of available homes.