Mortgage Rates Take a Mild Tumble

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Mortgage rates declined in the latest Primary Mortgage Market Survey published by Freddie Mac (OTCQB: FMCC).

The 30-year fixed-rate mortgage averaged 6.43% as of July 2, down from last week when it averaged 6.49%. A year ago at this time, it averaged 6.67%.

The 15-year fixed-rate mortgage averaged 5.79%, down from last week when it averaged 5.84%. A year ago at this time, it averaged 5.80%.

Sam Khater, Freddie Mac’s chief economist, observed, “With rates at a seven-week low and purchase demand continuing to edge higher, it’s an encouraging sign as prospective homebuyers respond to modest improvements in affordability.”