U.S. mortgage costs ticked higher for a second consecutive week, with Freddie Mac’s Primary Mortgage Market Survey showing the average 30-year fixed rate at 6.75% for the period ended July 17, up from 6.72% a week earlier. The 15-year average rose to 5.92% from 5.86%. Despite the uptick, benchmark rates remain below the 7% threshold that prevailed for much of the spring. The latest rise comes after a five-week slide that pulled the 30-year rate down to 6.67% on July 3, its lowest reading since early April. That decline offered a brief reprieve to would-be buyers and homeowners looking to refinance after two years of elevated borrowing costs. Lower rates in late June appeared to spur activity. The Mortgage Bankers Association said total mortgage applications increased 2.7% in the week ended June 27, driven by a 7% jump in refinancing. Refinance loans accounted for 40.1% of all applications, the highest share in more than a month, while purchase activity was essentially flat but 16% above its year-earlier level. Economists expect mortgage rates to oscillate within a 6%–7% band in the coming months, reflecting shifts in Treasury yields and uncertainty over the Federal Reserve’s next policy moves. Housing affordability remains constrained, yet any sustained moderation in rates could help unlock demand as inventory gradually improves.
Average long-term US mortgage rate rises to 6.75%, second straight uptick https://t.co/A5QC4HguO2
Mortgage rates in the US climbed for a second straight week https://t.co/v1oP7ubc3C
US MORTGAGE RATES (FREDDIE MAC) – WEEK OF JULY 17 •30-Year Fixed: 6.75% (↑ from 6.72%) •15-Year Fixed: 5.92% (↑ from 5.86%)