Mortgage Rates Gain Slightly

(RTTNews) - Mortgage rates, or interest rates on home loans, gained slightly from a year ago, according to mortgage provider Freddie Mac (FMCC.OB).

The 30-year FRM averaged 6.78 percent as of July 25, 2024, up from last week when it averaged 6.77 percent. A year ago at this time, the 30-year FRM averaged 6.81 percent.

The 15-year FRM averaged 6.07 percent, up from last week when it averaged 6.05 percent. A year ago at this time, the 15-year FRM averaged 6.11 percent.

"Mortgage rates essentially remained flat from last week but have decreased nearly half a percent from their peak earlier this year," said Sam Khater, Freddie Mac's Chief Economist. "Despite these lower rates, buyers continue to pause, as reflected in tumbling new and existing home sales data."