The 30-year fixed-rate mortgage averaged 6.74% as of July 24, according to the Primary Mortgage Market Survey published by Freddie Mac (OTCQB: FMCC). This is down slightly from last week when it averaged 6.75%. A year ago at this time, it averaged 6.78%.
The 15-year fixed-rate mortgage averaged 5.87%, down from last week when it averaged 5.92%. A year ago at this time, it averaged 6.07%.
“This week, the 30-year fixed-rate mortgage essentially remained flat at 6.74%,” said Sam Khater, Freddie Mac’s chief economist. “Overall, the backdrop for the housing market is positive as the economy continues to perform well with solid employment and income growth.”
Separately, Fannie Mae (OTCQB: FNMA) announced it is changing its housing forecast, with a new prediction that mortgage rates will end 2025 and 2026 at 6.4% and 6.0%, respectively, down from 6.5% and 6.1% in its prior forecast. Fannie Mae also revised its total home sales outlook for 2025 to 4.85 million, up from 4.82 million in a previously forecast. Also revised was the 2026 home sales projection to 5.35 million, up from 5.25 million.
Fannie Mae also predicted home price growth to be 2.8% and 1.1% in the fourth quarters of 2025 and 2026, respectively, compared to 4.1% and 2.0% in an earlier prior forecast. Mortgage originations are projected to rise to $1.92 trillion and $2.34 trillion, respectively, for 2025 and 2026, compared with a previous forecast of $1.90 trillion and $2.28 trillion.
