Overview
- Freddie Mac’s weekly survey showed the average 30‑year fixed rate eased to 6.48% on June 4 while the Mortgage Bankers Association reported total application volume fell 2.5% for the week ending May 29.
- Purchase applications dropped 3% to their slowest weekly pace since April and refinance activity slipped, signaling that the small rate relief did not revive borrower demand.
- Investors moved yields higher after the Iran war pushed oil prices up, which lifted inflation expectations, sent 10‑year Treasury yields higher and widened premiums on mortgage‑backed securities that lenders pass to borrowers.
- Survey measures differ by a few basis points — Freddie Mac, the MBA, Bankrate, Zillow and lender indices report mid‑6% rates — and those timing and method gaps matter for shoppers comparing offers.
- Housing supply and buyer behavior are mixed: listing prices have fallen year‑over‑year in many markets while overall inventory rose from pandemic lows, but sellers are also holding back because current rate locks keep them in place and markets will watch incoming jobs, inflation data and Fed signals for the next move.