It's the beginning of summer, but the economic forecast is gloomy. The Federal Reserve acknowledged Wednesday that the economy is growing slower than expected, continuing to depress the very troubled housing market.
In the latest Bankrate survey, the fixed 30-year mortgage dipped to 4.66 percent, compared to 4.71 percent last week, a decline of 5 basis points.
The 15-year fixed-rate mortgage followed suit averaging 3.83 percent, a decline of 3 basis points. The jumbo fixed-rate mortgage was the exception, climbing 3 basis points to 5.23 percent.
The weakness in housing was reflected in a new report, released Tuesday by the National Association of Realtors. The NAR found that sales of existing homes sank 3.8 percent in May, to an annualized rate of 4.81 million homes. The figure includes single-family homes, town houses, condominiums and co-ops.
Of course, if you're in the market to buy a home, shopping for the best interest rates is a smart first step ... you can do that by visiting Bankrate.com. I'm Kristin Arnold.