Average Mortgage Rate Drops Six Basis Points From Last Week

Mortgage rates aren’t as good as they once were, but they’re as good once… as they ever were.

The 30-year fixed-rate mortgage (FRM) averaged 6.89% Thursday, according to Freddie Mac’s Primary Mortgage Market Survey. That’s not as good as it was June 27, at 6.86%, and definitely not as good as it was once, in 2020. 

But it is better than last week, when it averaged 6.95%, and the same time last year, when it averaged 6.96%.

"Following June’s jobs report, which showed a cooling labor market, the 10-year Treasury yield decreased this week and mortgage rates followed suit,” Freddie Mac’s Chief Economist Sam Khater pointed out. “We’re also seeing more inventory on the market, including a fair number of listings with price cuts, which is an encouraging sign for prospective buyers.”

The 15-year FRM averaged 6.17% this week, down from July 4’s 6.25% and a year ago, when it averaged 6.3%.