After five weeks in decline, mortgage rates were on the rise in the latest Primary Mortgage Market Survey published by Freddie Mac (OTCQB: FMCC).
The 30-year fixed-rate mortgage averaged 6.72% as of July 10, up from last week when it averaged 6.67%. A year ago at this time, it averaged 6.89%.
The 15-year fixed-rate mortgage averaged 5.86%, up from last week when it averaged 5.80%. A year ago at this time, it averaged 6.17%.
Sam Khater, Freddie Mac’s chief economist, noted the uptick followed what he called “a stronger than expected jobs report.” He added, “Despite ongoing affordability challenges in the housing market, we are seeing home purchase and refinance applications respond to the downward trajectory in rates, increasing by 25% and 56%, respectively, compared to the same time last year.”
