The 30-year fixed-rate mortgage (FRM) averaged 6.77 percent as of July 18, 2024, down from last week when it averaged 6.89 percent, according to the Primary Mortgage Market Survey® by Freddie Mac. A year ago at this time, the 30-year FRM averaged 6.78 percent.
“The 30-year fixed-rate mortgage fell to its lowest level since mid-March, dropping 12 basis points from last week,” said Sam Khater, Freddie Mac’s Chief Economist. “Mortgage rates are headed in the right direction and the economy remains resilient, two positive incremental signs for the housing market. However, homebuyers have yet to respond to lower rates, as purchase application demand is still roughly 5 percent below Spring, when rates were approximately the same. This is not uncommon: sometimes as rates decline, demand weakens, and the apparent paradox is driven by buyers making sure rates don’t decline further before they decide to purchase.”
The 15-year fixed-rate mortgage averaged 6.05 percent, down from last week when it averaged 6.17 percent. A year ago at this time, the 15-year FRM averaged 6.06 percent.
The PMMS® is focused on mortgage rates for conventional, conforming, fully-amortizing home purchase loans for borrowers who put 20 percent down and have excellent credit. Borrowers may still pay closing costs which are not included in the survey.