The average 30-year fixed-rate mortgage was 6.77% for the week ending July 18, according to Freddie Mac's latest Primary Mortgage Market Survey.
Mortgage rates tumbled further this week as strong economic data and a positive inflation report provided some reassurance that the Federal Reserve may finally pull the trigger on interest rate reductions. The average 30-year fixed-rate mortgage was 6.77% for the week ending July 18, according to Freddie Mac's latest Primary Mortgage Market Survey. That's a decrease from the previous week when it averaged 6.89%, almost aligning with the 6.78% it was a year ago.
The drop in mortgage rates has spurred activity in home loan refinance applications, according to the Mortgage Bankers Association. Mortgage applications were up 3.9% the week ending July 12, 2024, driven by a 15% jump in refinances to the highest level since August 2022. Demand for refinancings was 37% higher than the same week one year ago when mortgage rates were the same.
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