Finances

Freddie Mac released its latest Primary Mortgage Market Survey on Thursday, July 18. The survey showed mortgage rates dropped to the lowest level since mid-March.

This week, the 30-year fixed rate mortgage averaged 6.77%, down from last week’s average of 6.89%. Last year at this time, the 30-year fixed rate mortgage averaged 6.78%.

The 15-year fixed rate mortgage averaged 6.05% this week, down from 6.17% last week. During the same week last year, the 15-year fixed rate mortgage averaged 6.06%.

“The 30-year fixed-rate mortgage fell to its lowest level since mid-March, dropping 12 basis points from last week,” said Freddie Mac’s Chief Economist, Sam Khater. “Mortgage rates are headed in the right direction and the economy remains resilient, two positive incremental signs for the housing market. However, homebuyers have yet to respond to lower rates, as purchase application demand is still roughly 5% below Spring, when rates were approximately the same. This is not uncommon: sometimes as rates decline, demand weakens, and the apparent paradox is driven by buyers making sure rates do not decline further before they decide to purchase.”

Based on published national averages, the savings rate was 0.45% as of 7/15. The one-year CD averaged 1.85%.

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