Mortgage Rates Hang around Seven Percent

From Primary Mortgage Market Survey updated as of July 11, 2024

The below in-house created chart developed from the Freddie Mac Primary Market Survey compares each year from 2018 to 2024 for every week. It colorfully illustrates the overall yearly trend of 30-year fixed-rate Conventional Mortgage Rates to aid in visualizing the cost of borrowing trends.

Potential homebuyers received welcome news this week as mortgage rates remain below seven 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. With rates ticking down, this should be an encouraging sign for prospective buyers.