The average 30-year fixed mortgage rate remained at 6.48% this week, unchanged from the prior week, according to Bankrate’s latest lender survey. The 15-year fixed rate averaged 5.78% and the 30-year jumbo rate averaged 6.57%. The national median existing-home price hit an all-time high for May at $429,300, up 1.3% year-over-year, though the S&P Cotality Case-Shiller index showed national home prices grew just 0.7% in the past year, the weakest since 2011. Inflation spiked to 4.2% in May, the highest since 2023, and the Federal Reserve held its benchmark rate steady on June 17, with Chairman Kevin Warsh calling the decision unanimous and unambiguous. Housing economists no longer expect mortgage rates to fall below 6% in the near future, and Friday’s personal consumption expenditures report is expected to run hot, according to Denise McManus of APEX Residential Real Estate.