What interest rates are doing

The 30-year fixed-rate mortgage averaged 6.71% as of June 8, down from last week when it averaged 6.79%. A year ago at this time, it averaged 5.23%.

The 15-year fixed-rate mortgage averaged 6.07%, down from last week when it averaged 6.18%. A year ago at this time, it averaged 4.38%.

“Mortgage rates decreased after a three-week climb,” said Sam Khater, Freddie Mac’s chief economist. “While elevated rates and other affordability challenges remain, inventory continues to be the biggest obstacle for prospective homebuyers.”