Freddie Mac: Mortgage rate climb has finally paused

Photo by: WDAY Radio Staff
Photo by: WDAY Radio Staff

(Tysons Corner, VA) -- The steady rise in mortgage rates has finally paused.

Freddie Mac says the 30-year fixed-rate mortgage is averaging at five-point-seven percent for the week ending June 30th. Last week it was at a 14-year high of five-point-eight-one percent.  It's the first week in a month that the 30-year-rate has decreased.

A chief economist for Freddie Mac says the pause should help the housing market "rebalanced from the breakneck growth of a seller's market," to "a more normal pace of home price appreciation."