Mortgage rates move lower for first time in four weeks

For the first time in four weeks, mortgage rates have moved lower, following another seven-day period where the benchmark 10-year Treasury yield moved in a wide range.

However, rates are still at levels last seen in February, the Freddie Mac Primary Mortgage Market Survey showed.

“The average mortgage rate decreased this week, which is welcome news to potential homebuyers who also are seeing inventory improve and house price growth slow,” said Sam Khater, Freddie Mac chief economist, in a press release.

The 30-year fixed-rate mortgage averaged 6.85% as of June 5, compared with last week, when it was 6.89%. It remained lower than the same week a year ago, when it averaged 6.99%.

Meanwhile, the 15-year FRM also moved 4 basis points lower than the previous week and back under 6%, to 5.99%….