Freddie Mac said the average 30-year fixed-rate mortgage rose to 6.49% from
6.47% a week earlier; it stood at 6.77% a year ago. Persistently high borrowing
costs continue to weigh on the US housing market; earlier Middle East tensions
pushed energy prices and inflation, contributing to higher borrowing costs.
Redfin said new listings in the week to June 21 fell 1.7% from the prior week to
the lowest level since February. Zillow senior economist Kara Ng said rates
around 6.5% remain better than a year ago and provide some support for buyers
but are insufficient to materially restore affordability. Zillow expects rates
to hold at 6.4–6.5% through the summer, easing to about 6.2% by year-end.
