30- & 15-Year Fixed Mortgage Rates Trekked Higher – in the Week Ending 3rd July 2024
Mortgage Rates Increase
Freddie Mac has released its Primary Mortgage Market Survey® (PMMS) for the week ending Wednesday, July 3, 2024. This week’s results include an adjustment for the observance of Independence Day.
The PMMS reports that the 30-year fixed-rate mortgage averaged 6.95%, up from last week when it averaged 6.86. A year ago, at this time, the 30-year FRM averaged 6.81%.
The 15-year fixed-mortgage rate averaged 6.25%, up from last week when it averaged 6.16%. A year ago, at this time, the 15-year FRM averaged 6.24%.
Providing additional background to this week’s PMMS, Sam Khater, Freddie Mac’s Chief Economist said, “Mortgage rates increased this week, coming in just under seven percent. 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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