Freddie Mac's results of its Primary Mortgage Market Survey® shows that "As inflation slows, mortgage rates decreased this week. 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."
• 30-year fixed-rate mortgage (FRM) averaged 6.78 percent for the week ending July 20, 2023, up from last month when it averaged 6.67 percent. A year ago, at this time, the 30-year FRM averaged 5.54 percent.
• 15-year FRM this week averaged 6.06 percent, up from last month when it averaged 6.03 percent. A year ago, at this time, the 15-year FRM averaged 4.75 percent.