Fixed Mortgage Rates Inched Lower – in the Week Ending 11th July 2024
Mortgage Rates Tick Down as Markets Digest Incoming Data
Freddie Mac has released its Primary Mortgage Market Survey® (PMMS) for the week ending Wednesday, July 11, 2024.
The PMMS reports that the 30-year fixed-rate mortgage averaged 6.89%, up from last week when it averaged 6.95% A year ago, at this time, the 30-year FRM averaged 6.96%.
The 15-year fixed-mortgage rate averaged 6.17%, up from last week when it averaged 6.25%. A year ago, at this time, the 15-year FRM averaged 6.30%.
Providing additional background to this week’s PMMS, Sam Khater, Freddie Mac’s Chief Economist said, “Following June’s jobs report, which showed a cooling labor market, the 10-year Treasury yield decreased this week and mortgage rates followed suit. 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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