{"id":16246,"date":"2025-06-05T20:03:11","date_gmt":"2025-06-05T20:03:11","guid":{"rendered":"https:\/\/finderica.com\/?p=16246"},"modified":"2025-06-05T20:03:11","modified_gmt":"2025-06-05T20:03:11","slug":"mortgage-rates-fall-slightly-but-borrowers-need-more-relief","status":"publish","type":"post","link":"https:\/\/finderica.com\/?p=16246","title":{"rendered":"Mortgage Rates Fall Slightly, But Borrowers Need More Relief"},"content":{"rendered":"<div>\n<div class=\"_3VJt4n\">\n<p class=\"_28z5Fp _3-to_p\"><span class=\"_28z5Fp _3-to_p\">Mortgage rates fell across the board this week, breaking a four-week streak of increases. <\/span><\/p>\n<\/div>\n<div class=\"_3VJt4n\">\n<p class=\"_28z5Fp _3-to_p\"><span class=\"_28z5Fp _3-to_p\">The average rate on the 30-year fixed-rate mortgage fell 12 basis points to 6.95% for the week ending June 5, according to rates provided to SS by Zillow. A basis point is one one-hundredth of a percentage point.<\/span><\/p>\n<\/div>\n<div class=\"_3VJt4n\">\n<p class=\"_28z5Fp _3-to_p\"><span class=\"_28z5Fp _3-to_p\">Even with this slight reprieve, borrowers shouldn\u2019t hold their breath waiting for significant rate drops any time soon. Federal Reserve watchers predict central bankers will vote to hold the federal funds rate steady at their next meeting in two weeks. That means <\/span><span class=\"_3VmbAf _28z5Fp _3-to_p\"><span class=\"_3VmbAf _28z5Fp _3-to_p\">mortgage rates<\/span><\/span><span class=\"_28z5Fp _3-to_p\"> will likely continue to orbit around 7% for the foreseeable future. <\/span><\/p>\n<\/div>\n<div class=\"_3VJt4n\">\n<p class=\"_28z5Fp _3-to_p\"><span class=\"_28z5Fp _3-to_p\">However, for would-be buyers who need rates to fall closer to 6.5%, there is a light at the end of the tunnel \u2014 if they can wait for it. <\/span><\/p>\n<\/div>\n<div class=\"_3VJt4n\">\n<div>\n<div>\n<div class=\"_3wlVa6 _2247K8 _3eCw6n\">\n<div class=\"_3wlVa6 _2247K8\">\n<div>\n<div class=\"_2vcpA4 td77J8 PIqV0k _2lZbKL _32aq7f _1r_py0 _33JiRF _2F9T-X _1xbdug\" style=\"flex-direction:column\">\n<div class=\"_1TDqyw\">\n<p><span class=\"_3P4ktl zeCuXk _28z5Fp _1My7YX\" data-currency=\"Text\">Explore mortgages today and get started on your homeownership goals<\/span><\/p>\n<p><span class=\"_21EZtY _2LuWPZ _3_uGsM _28z5Fp N36gAq\" data-currency=\"Text\">Get personalized rates. Your lender matches are just a few questions away.<\/span><\/p>\n<\/div>\n<div class=\"_2vcpA4 PIqV0k wnPEbn _2N11b- _1TDqyw\">\n<div class=\"_1TDqyw\">\n<div class=\"_2w4PM3\">\n<div data-currency=\"Columns\" class=\"_2DPHJa _2TtTbq _2HM5Cl _3UifXY\">\n<div data-currency=\"Column\" class=\"_12cv4d qVG6Ts\"><label class=\"_2lZ2l6\" for=\"nw-aria-ssr-4-2-1-1-3\"><span class=\"TS4Kq- _28z5Fp vRhsJJ _2lZ2l6\">What&#8217;s your property type?<\/span><\/p>\n<div class=\"_1IaSjl emgdYA _1udEV5\"><select class=\"_18mj-v _30anQr _1udEV5 g2zh3L\" data-currency=\"Select\" id=\"nw-aria-ssr-4-2-1-1-3\" placeholder=\"Select your option\"><option value=\"\" disabled>Select your option<\/option><option selected value=\"house\">Single family home<\/option><option value=\"townhome\">Townhouse<\/option><option value=\"condo\">Condo<\/option><option value=\"multi-family\">Multi-family home<\/option><\/select><svg viewbox=\"0 0 24 24\" aria-hidden=\"true\" class=\"_3qh7ju _2ulGkX\" fill=\"currentcolor\" focusable=\"false\"><path d=\"M5.942 8h12.116c.838 0 1.257 1.02.664 1.618l-6.056 6.104a.939.939 0 01-1.332 0L5.278 9.619C4.685 9.02 5.104 8 5.942 8z\"><\/path><\/svg><\/div>\n<p><\/label><\/div>\n<div data-currency=\"Column\" class=\"_12cv4d qVG6Ts\"><label class=\"_2lZ2l6\" for=\"nw-aria-ssr-4-2-1-1-4\"><span class=\"TS4Kq- _28z5Fp vRhsJJ _2lZ2l6\">How do you plan to use this property?<\/span><\/p>\n<div class=\"_1IaSjl emgdYA _1udEV5\"><select class=\"_18mj-v _30anQr _1udEV5 g2zh3L\" data-currency=\"Select\" id=\"nw-aria-ssr-4-2-1-1-4\" placeholder=\"Select your option\"><option value=\"\">Select your option<\/option><option selected value=\"primary\">Primary residence<\/option><option value=\"secondary\">Secondary residence<\/option><option value=\"investment\">Investment property<\/option><\/select><svg viewbox=\"0 0 24 24\" aria-hidden=\"true\" class=\"_3qh7ju _2ulGkX\" fill=\"currentcolor\" focusable=\"false\"><path d=\"M5.942 8h12.116c.838 0 1.257 1.02.664 1.618l-6.056 6.104a.939.939 0 01-1.332 0L5.278 9.619C4.685 9.02 5.104 8 5.942 8z\"><\/path><\/svg><\/div>\n<p><\/label><\/div>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"_2w4PM3 _1TDqyw\"><button class=\"_3vZlz- _1egj3W IArdyX\" data-currency=\"Button\" type=\"button\"><\/p>\n<p><span class=\"_21EZtY _3VmbAf _8DgC29 _28z5Fp -Ibb7f\">Get Started<\/span><\/p>\n<p><\/button><\/p>\n<div class=\"PIqV0k _2HzeZ8 _28CJ7N\" style=\"width:200px\">\n<div style=\"width:200px\">\n<div class=\"_2vcpA4 _1jMsGa _3kfJwJ PIqV0k _2HzeZ8 _1TsDzX _2lZFUT _2molg9 sKjrZ8\" style=\"width:200px;gap:4px\"><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"16\" height=\"16\" viewbox=\"0 0 16 16\" fill=\"none\"><path d=\"M8 0.666504L2 3.33317V7.33317C2 11.0332 4.56 14.4932 8 15.3332C11.44 14.4932 14 11.0332 14 7.33317V3.33317L8 0.666504ZM6.66667 11.3332L4 8.6665L4.94 7.7265L6.66667 9.4465L11.06 5.05317L12 5.99984L6.66667 11.3332Z\" fill=\"#006642\"><\/path><\/svg><span class=\"_2KctVY _28z5Fp\" style=\"font-size:11px;letter-spacing:0.055px\">Won\u2019t affect your credit score<\/span><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<h2 class=\"_3P4ktl zeCuXk _28z5Fp _2w4PM3 _1My7YX\" data-currency=\"Text\"><span class=\"_3P4ktl zeCuXk _28z5Fp _3-to_p\">High rates push home sales to record lows<\/span><\/h2>\n<div class=\"_3VJt4n\">\n<p class=\"_28z5Fp _3-to_p\"><span class=\"_28z5Fp _3-to_p\">At a recent legislative event, Lawrence Yun, chief economist at the National Association of Realtors (NAR), announced that mortgage rates are forecast to average 6.4% in the second half of the year and 6.1% in 2026. <\/span><\/p>\n<\/div>\n<div class=\"_3VJt4n\">\n<p class=\"_28z5Fp _3-to_p\"><span class=\"_28z5Fp _3-to_p\">\u201cFor new home buyers, their monthly payment obligation has increased, and this is what&#8217;s killing <\/span><span class=\"_3VmbAf _28z5Fp _3-to_p\"><span class=\"_3VmbAf _28z5Fp _3-to_p\">the housing market<\/span><\/span><span class=\"_28z5Fp _3-to_p\">,\u201d said Yun, who referred to lower mortgage rates as the \u201cmagic bullet\u201d that the real estate industry needs to recover.<\/span><\/p>\n<\/div>\n<div class=\"_3VJt4n\">\n<p class=\"_28z5Fp _3-to_p\"><span class=\"_28z5Fp _3-to_p\">&#8220;Home sales have been very difficult over the past two years,\u201d he told industry stakeholders. \u201cWe&#8217;ve had the lowest home sales in 30 years for two consecutive years.&#8221;<\/span><\/p>\n<\/div>\n<div class=\"_3VJt4n\">\n<p class=\"_28z5Fp _3-to_p\"><span class=\"_28z5Fp _3-to_p\">Yun attributed the recent market slowdown to the economy falling short of Federal Reserve goals. Central bankers\u2019 forecast for the GDP (a measure of the country\u2019s economic output) was reduced from 2.1% to 1.7% in March, while <\/span><span class=\"_3VmbAf _28z5Fp _3-to_p\"><span class=\"_3VmbAf _28z5Fp _3-to_p\">inflation<\/span><\/span><span class=\"_28z5Fp _3-to_p\"> projections were raised from 2.4% to 2.7%. <\/span><\/p>\n<\/div>\n<div class=\"_3VJt4n\">\n<p class=\"_28z5Fp _3-to_p\"><span class=\"_28z5Fp _3-to_p\">Still, Yun\u2019s tone was bullish. He noted that shelter costs, which are a major economic indicator, are trending downward. Job growth has also exceeded pre-pandemic levels, and wages are outpacing price increases on consumer goods \u2014 all factors the <\/span><span class=\"_3VmbAf _28z5Fp _3-to_p\"><span class=\"_3VmbAf _28z5Fp _3-to_p\">Fed will consider<\/span><\/span><span class=\"_28z5Fp _3-to_p\"> in deciding when to cut rates. <\/span><\/p>\n<\/div>\n<h2 class=\"_3P4ktl zeCuXk _28z5Fp _2w4PM3 _1My7YX\" data-currency=\"Text\"><span class=\"_3P4ktl zeCuXk _28z5Fp _3-to_p\">Some areas are still hot<\/span><\/h2>\n<div class=\"_3VJt4n\">\n<p class=\"_28z5Fp _3-to_p\"><span class=\"_28z5Fp _3-to_p\">While the nation\u2019s overall real estate market might be suffering, some pockets are still red-hot. Zillow reports that several Northeast areas \u2014 Boston; Buffalo, New York; Hartford, Connecticut; and Providence, Rhode Island \u2014 continue to experience fierce competition. Homes in these markets are selling within 10 days, with more than half selling above listing price. <\/span><\/p>\n<\/div>\n<div class=\"_3VJt4n\">\n<p class=\"_28z5Fp _3-to_p\"><span class=\"_28z5Fp _3-to_p\">Currently, the slowest major metro market is Miami. Zillow reports listings in Miami and across the Sun Belt \u2014 the area from North Carolina to Southern California \u2014 receive less interest from site users than other parts of the country. <\/span><\/p>\n<\/div>\n<\/div>\n<p><a href=\"https:\/\/www.nerdwallet.com\/article\/mortgages\/weekly-mortgage-rates-6-5-25\" target=\"_blank\" rel=\"noopener\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Mortgage rates fell across the board this week, breaking a four-week streak of increases. The average rate on the 30-year fixed-rate mortgage fell 12 basis points to 6.95% for the week ending June 5, according to rates provided to SS by Zillow. A basis point is one one-hundredth of a percentage point. Even with this<\/p>\n","protected":false},"author":1,"featured_media":16247,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"rank_math_lock_modified_date":false,"footnotes":""},"categories":[195],"tags":[378,944,417,261,667,4790],"class_list":{"0":"post-16246","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-personal-finance","8":"tag-borrowers","9":"tag-fall","10":"tag-mortgage","11":"tag-rates","12":"tag-relief","13":"tag-slightly"},"_links":{"self":[{"href":"https:\/\/finderica.com\/index.php?rest_route=\/wp\/v2\/posts\/16246","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/finderica.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/finderica.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/finderica.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/finderica.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=16246"}],"version-history":[{"count":0,"href":"https:\/\/finderica.com\/index.php?rest_route=\/wp\/v2\/posts\/16246\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/finderica.com\/index.php?rest_route=\/wp\/v2\/media\/16247"}],"wp:attachment":[{"href":"https:\/\/finderica.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=16246"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/finderica.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=16246"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/finderica.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=16246"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}