U.S. mortgage rates nudge up, yet remain near all-time low mark

For the sixth consecutive week, U.S. mortgage rates stayed below 3.30 percent, according to Freddie Mac.

The 30-year fixed mortgage rate averaged 3.18 percent for the week ending June 4 — up slightly from 3.15 percent last week. A year ago, mortgage rates stood at 3.82 percent.

Low mortgage rates help propel U.S. home sales and the refinance market.

“While the economy is slowly rebounding, all signs continue to point to a solid recovery in home sales activity heading into the summer as prospective buyers jump back into the market. Low mortgage rates are a key factor in this recovery,” said Sam Khater, Freddie Mac’s chief economist. “While homebuyer demand is up and has been broad-based across most geographies, supply has been slower to improve. In fact, the gap between supply and demand has widened even further than the large gap that existed prior to the pandemic.”

Favorable rates have been helping Dayton-area home sales, especially home prices. However, local sales fell 22 percent in April largely due to the Covid-19 pandemic, according to Dayton Realtors.

The previous record low was 3.23 percent in early May.