Economists point to some positive signs for housing this week, encouraged by ongoing rate stability, growing inventory in some markets and positive labor market and Consumer Price Index data.
According to the latest Primary Mortgage Market Survey® (PMMS®) released by Freddie Mac Thursday, the 30-year fixed-rate mortgage (FRM) averaged 6.84%, a decrease of 1 basis point from last week’s average of 6.85%.
“Mortgage rates have moved within a narrow range for the past few months and this week is no different,” said Sam Khater, Freddie Mac’s Chief Economist. “Rate stability, improving inventory and slower house price growth are an encouraging combination as we celebrate National Homeownership Month.”
Realtor.com Senior Economic Research Analyst, Hannah Jones commented, “Last week’s employment report boosted confidence, with modest job gains pointing to a stable labor market. On Wednesday the CPI inflation data showed that consumer prices climbed 2.4% year-over-year in May, and just 0.1% month-over-month. The market expected price growth to rise in response to new U.S. tariffs, so the cooler inflation reading came as a welcome surprise. Yields on the 10-year Treasury note declined in response to the encouraging economic data, and mortgage rates followed suit.”
Jones noted that after a fairly slow spring, the summer housing market could bring a boost in activity as buyers take advantage of a more buyer-friendly market. Inventory reached a new post-pandemic high in May, meaning buyers have more home options, and may find sellers to be more flexible, she said.
“Affordability remains a challenge for the typical buyer, but with more price cuts, easing market pace, and ample home supply, prospective buyers have a better chance of finding what they’re looking for,” said Jones.
This week’s numbers:
- The 30-year FRM averaged 6.84% as of June 12, 2025, down slightly from last week when it averaged 6.85%. A year ago at this time, the 30-year FRM averaged 6.95%.
- The 15-year FRM averaged 5.97%, down from last week when it averaged 5.99%. A year ago at this time, the 15-year FRM averaged 6.17%.
To read the full report, click here.
