Mortgage Rates Drop Slightly

(RTTNews) - Mortgage rates, or interest rates on home loans, dropped slightly this week but are still hovering around the 7 percent mark, according to mortgage provider Freddie Mac (FMCC.OB).

The 30-year FRM averaged 6.89 percent as of July 11, 2024, down from last week when it averaged 6.95 percent. A year ago at this time, the 30-year FRM averaged 6.96 percent.

The 15-year FRM averaged 6.17 percent, down from last week when it averaged 6.25 percent. A year ago at this time, the 15-year FRM averaged 6.30 percent.

"Following June's jobs report, which showed a cooling labor market, the 10-year Treasury yield decreased this week and mortgage rates followed suit," said Sam Khater, Freddie Mac's Chief Economist. "We're also seeing more inventory on the market, including a fair number of listings with price cuts, which is an encouraging sign for prospective buyers."