U.S. mortgage rates seesaw back up

U.S. mortgage rates reversed course and rose modestly this week, according to Freddie Mac.

The 30-year fixed mortgage rate averaged 6.71% for the week ending June 29 — up from 6.67% last week. A year ago, mortgage rates averaged 5.70%.

Mortgage rates factor into home sales and the refinance market and still high rates are impacting housing-related activity.

“Mortgage rates have hovered in the six to seven percent range for over six months and, despite affordability headwinds, homebuyers have adjusted and driven new home sales to its highest level in more than a year,” said Sam Khater, Freddie Mac’s chief economist. “New home sales have rebounded more robustly than the resale market due to a marginally greater supply of new construction. The improved demand has led to a firming of prices, which have now increased for several months in a row.”

Dayton-area home sales have been dropping in recent months. Local home and condo transactions fell in May.

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