Mortgage rates, or the interest rates on home loans, experienced a slight decline this week but continue to hover near the 7 percent threshold, as reported by mortgage provider Freddie Mac.
As of July 11, 2024, the average rate for a 30-year fixed-rate mortgage (FRM) stands at 6.89 percent, down from last week's average of 6.95 percent. In comparison, the rate was 6.96 percent a year ago.
For the 15-year FRM, the average rate has fallen to 6.17 percent from last week's 6.25 percent. A year ago, the 15-year FRM averaged 6.30 percent.
"Following June's jobs report, which indicated a cooling labor market, we observed a decrease in the 10-year Treasury yield this week, consequently leading to lower mortgage rates," said Sam Khater, Chief Economist at Freddie Mac. "Additionally, we are seeing an increase in market inventory, including a significant number of listings with reduced prices, which is a positive sign for prospective buyers."
