Freddie Mac's data reveals the 30-year fixed mortgage rate for the week ending today decreased from 5.54% to 5.30%.
The average 15-year rate is now 4.58%, down from 4.75% a week ago.
The average 5/1-year ARM rate is now 4.29%, compared to 4.31% a week ago.
NAR estimates purchasing a home in June costs around 80% more than in June 2019.
Due to rising mortgage rates, pending home sales fell 8.6% from May.
The West index hit a record low of 30.9% from June 2021 to 68.7 in June.
South PHSI dipped 19.2% from the prior year to 108.3 in June, a decline of 8.9%.
In June, the Midwest index fell 3.8% to 93.7, a 13.4% loss from the previous month.
Mortgage rates often follow the 10-year US Treasury note yield, which dropped by 26 bps in one week to 2.78% on Wednesday amid Fed hike rates.
Fed doesn't directly set mortgage rates; its decisions impact how much you have to pay to fund your home mortgage.