Mortgage rates dip before Fed meeting

Higher rates expected in July

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Long-term mortgage rates fell slightly this week in anticipation of the Federal Reserve’s upcoming meeting, according to surveys conducted by mortgage buyer Freddie Mac and Bankrate.

In Freddie Mac’s weekly survey, the 30-year fixed-rate mortgage averaged 6.25 percent for the week ended today, down from last week when it averaged 6.32 percent.

The average for the 15-year fixed-rate mortgage this week is 5.64 percent, also down from last week when it averaged 5.7 percent. Points on both the 30- and 15 year averaged 0.6.