Mortgage rates fell across the board this week, breaking a four-week streak of increases.

The average rate on the 30-year fixed-rate mortgage fell 12 basis points to 6.95% for the week ending June 5, according to rates provided to NerdWallet by Zillow. A basis point is one one-hundredth of a percentage point.

Even with this slight reprieve, borrowers shouldn’t hold their breath waiting for significant rate drops any time soon. Federal Reserve watchers predict central bankers will vote to hold the federal funds rate steady at their next meeting in two weeks. That means mortgage rates will likely continue to orbit around 7% for the foreseeable future.

However, for would-be buyers who need rates to fall closer to 6.5%, there is a light at the end of the tunnel — if they can wait for it

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