The latest PMMS survey ending the week of June 5th, 2008 showed the average for the 30 year fixed mortgage rate at 6.09 percent. That puts the rate up just 0.01 percent from last weeks reading and down from last year when it averaged 6.53 percent.

The average for the 15 year fixed mortgage rate fell ever slightly, 0.01 percent, to end the week at 5.51 percent. Last year at this time the 15 year fixed mortgage rates average was considerably higher at 6.22 percent.

The 5 year adjustable mortgage rate averaged 5.51 percent this week, down 0.11 percent from last week and down almost three quarters of a point from last years reading of 6.24 percent. The 5.51 percent reading for the 5 year ARM is the lowest reading since April 17th 2008 when it averaged 5.40 percent.

The 1 year adjustable mortgage rate fell 0.16 of a percentage point throughout the week averaging 5.06 percent, which is the lowest reading since March 6th, 2008. At this time last year the 1 year ARM averaged 5.65 percent.

"Interest rates for fixed-rate mortgages were nearly unchanged this week over reports of continued inflation," said Frank Nothaft, Freddie Mac vice president and chief economist. "Although the gross domestic product grew at a faster rate in the first quarter than originally reported, consumer spending rose only 1 percent, representing the smallest increase since the 2001 recession.

"In addition, the core price deflator was revised downward to an annualized rate of 2.1 percent and remained at that pace in April, but this is still above the Federal Reserve's stated comfort zone."

For the mortgage rate forecast for June 2008 visit Future Planning Financial at www.fpf-direct.com.