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Mortgage Rates Drop Again

WRE News July 20, 2024

Buyer

Mortgage rates continued to decline in the latest Primary Mortgage Market Survey published by Freddie Mac (OTCQB: FMCC).

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

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

“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.”

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