Mortgage rates took a slide over the past week, according to Freddie Mac’s (OTCQB: FMCC) latest Primary Mortgage Market Survey.
The 30-year fixed-rate mortgage averaged 6.78% as of July 20, down from last week when it averaged 6.96%. A year ago at this time, it 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, it averaged 4.75%.
“As inflation slows, mortgage rates decreased this week,” said Sam Khater, Freddie Mac’s chief economist. “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.”
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