Freddie Mac data shows the first weekly decline in mortgage rates since early July, though borrowing costs remain above year-ago levels.
The average 30-year fixed mortgage rate dropped to 6.67% this week, down 2 basis points from last week. This marks the first decline after six consecutive weeks of increases, offering slight relief to homebuyers facing elevated borrowing costs.
A year ago, the 30-year rate stood at 6.58%, while the 15-year fixed rate averaged 5.71%. This week’s 15-year rate fell to 5.96% from 6.01% last week, though it remains higher than the 2023 level. Higher rates have constrained purchasing power, contributing to a slowdown in existing-home sales in July.
Mortgage rates typically track the 10-year Treasury yield, which recently eased to 4.61%. Broader economic factors, including Federal Reserve policy and inflation trends, continue to influence rate movements.