Fixed Mortgage Rates Hold Steady; Adjustable Rates Fall Sharply

"During a week when mortgage applications took a nose dive, average mortgage rates tended to hold tight as inflation concerns dominated bond investors’ attention. According to a weekly rate survey compiled by Freddie Mac (FRE: 24.36, +2.05%), rates for a 30-year fixed-rate mortgage averaged 6.09 percent with an average 0.6 point for the week ended June 5 — up only one basis point from last week."