06/07/2026
Some Relief From Mortgage Rates as Summer Homebuying Season Kicks Off
What happened to mortgage rates this week?
The Freddie Mac 30-year fixed mortgage rate fell 5 basis points to 6.48% this week, in line with expectations. The 10-year Treasury yield held below 4.5% through the end of last week before climbing slightly early this week, which gave mortgage rates enough room to relax a bit. The news surrounding a ceasefire in Iran has been uneven, to say the least.
At times, the market seems to react positively to diplomatic developments; then, soon after, we hear about missiles being fired or talks breaking down.
This conflict is currently the main driver of still-high mortgage rates, as the oil shock ripples inflation fears throughout the global economy.
We expect to see further mortgage rate relief once the Strait of Hormuz is opened for good.
Wondering if now is a good time to buy?
Let's schedule a time to chat!
The Bonnie Pappas Team
Everyhome Realtors
Cell: 610 505-2505
Office: (215) 699-5555