Mortgage rates have slightly increased heading into mid-June, with the average 30-year fixed mortgage rate now reported at 6.94% or 6.89%. This marks a modest rise compared to last week’s rates.

Refinance rates are also trending upward. The average 30-year fixed refinance rate is currently 7.23%, reflecting continued pressure in borrowing costs across the market.

A key factor that could influence future rate movement is the upcoming announcement from the Federal Reserve, scheduled for June 17th. Industry experts and market analysts alike closely watch this economic meeting, as any policy shifts could affect mortgage and refinance rates in the weeks ahead.

As always, homebuyers and homeowners considering refinancing should stay informed on rate trends and be prepared to act as conditions evolve.