U.S. 30-year fixed-rate mortgage (FRM) averaged 6.89% as of July 11, 2024, down from last week when it averaged 6.95%. A year ago at this time, the 30-year FRM averaged 6.96%, according to Freddie Mac.
The 15-year FRM averaged 6.17%, down from last week when it averaged 6.25%. A year ago at this time, the 15-year FRM 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.”
