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Mortgage Rates Rise To Just Below 7%

WRE News July 8, 2024

Buyer

Mortgage rates flirted with the 7% level again in the latest Primary Mortgage Market Survey published by Freddie Mac (OTCQB: FMCC).

The 30-year fixed-rate mortgage averaged 6.95% as of July 3, up from last week when it averaged 6.86%. A year ago at this time, it averaged 6.81%.

The 15-year fixed-rate mortgage averaged 6.25%, up from last week when it averaged 6.16%. A year ago at this time, it averaged 6.24%.

This week’s results included an adjustment for the observance of Independence Day.

“Mortgage rates increased this week, coming in just under 7%,” said Sam Khater, Freddie Mac’s chief economist. “Both new home and pending home sales are down, causing active listings to rise. We are still expecting rates to moderately decrease in the second half of the year and given additional inventory, price growth should temper, boding well for interested homebuyers.”

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