Mortgage Rates Descend Again

Freddie Mac today released the results of its Primary Mortgage Market Survey, showing the 30-year fixed-rate mortgage (FRM) averaged 6.77%. Year-over-year numbers are on par with last year's rates for both the 30-year FRM and 15-year FRM. 

"The 30-year fixed-rate mortgage fell to its lowest level since mid-March, dropping 12 basis points from last week,” said Sam Khater, Freddie Mac’s chief economist. “Mortgage rates are headed in the right direction and the economy remains resilient, two positive incremental signs for the housing market. However, homebuyers have yet to respond to lower rates, as purchase application demand is still roughly 5% below Spring when rates were approximately the same. This is not uncommon: sometimes as rates decline, demand weakens, and the apparent paradox is driven by buyers making sure rates don’t decline further before they decide to purchase.”

The 30-year FRM averaged 6.77% as of July 18, 2024, down from last week when it averaged 6.89%. A year ago at this time, the 30-year FRM averaged 6.78%.

The 15-year FRM averaged 6.05%, down from last week when it averaged 6.17%. A year ago at this time, the 15-year FRM averaged 6.06%.