While fireworks will be soaring over the Fourth of July, mortgage rates are going into the holiday weekend in a continued decline.
According to the Primary Mortgage Market survey published by Freddie Mac (OTCQB: FMCC), the 30-year fixed-rate mortgage averaged 6.67% as of July 3, down from last week when it averaged 6.77%. A year ago at this time, it averaged 6.95%.
The 15-year fixed-rate mortgage averaged 5.80%, down from last week when it averaged 5.89%. A year ago at this time, it averaged 6.25%.
“The average 30-year fixed-rate mortgage decreased for the fifth consecutive week,” said Sam Khater, Freddie Mac’s chief economist. “This is the largest weekly decline since early March. Declining mortgage rates are encouraging and, while overall affordability challenges remain, we are seeing more sellers enter the market giving prospective buyers an advantage.”
