Mortgage Rates Drop in the Week Ending July 20th

Freddie Mac has released its Primary Mortgage Market Survey® for the week ending July 20th. The 30-year fixed-rate mortgage averaged 6.78%, down from last week when it averaged 6.96%. A year ago at this time, the 30-year rate averaged 5.54%.

The 15-year fixed-rate mortgage averaged 6.06%, down from last week when it averaged 6.30%. A year ago at this time, the 15-year rate averaged 4.75%.

Adding additional background and his analysis to the report, Sam Khater, Freddie Mac’s Chief Economist, said:

“As inflation slows, mortgage rates decreased this week. Still, the ongoing shortage of previously owned homes for sale has been a detriment to homebuyers looking to take advantage of declining rates. On the other hand, homebuilders have an edge in today’s market, and incoming data shows that homebuilder sentiment continues to rise.”