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Mortgage Rates Slide Away From The 7% Mark

WRE News July 16, 2024

Buyer

Mortgage Rates Slide Away From The 7% Mark

Mortgage rates moved further away from the 7% mark in the latest Primary Mortgage Market Survey published by Freddie Mac (OTCQB: FMCC).

The 30-year fixed-rate mortgage averaged 6.89% as of July 11, down from last week when it averaged 6.95%. A year ago at this time, it averaged 6.96%.

The 15-year fixed-rate mortgage averaged 6.17%, down from last week when it averaged 6.25%. A year ago at this time, it averaged 6.30%.

“Following June’s jobs report, which showed a cooling labor market, the 10-year Treasury yield decreased this week and mortgage rates followed suit,” said Sam Khater, Freddie Mac’s chief economist. “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.”

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