Mortgage Rates Average 6.66%
By CU Today Staff —
MCLEAN, Va.— The average rate on a 30-year fixed mortgage rose to 6.66% this week, reversing last week's decline but remaining slightly below where it stood a year ago, according to Freddie Mac.
"The 30-year fixed-rate mortgage averaged 6.66% this week," said Sam Khater, Freddie Mac's chief economist. "The housing market continues to benefit from more available inventory, providing prospective homebuyers with additional options and helping support buyer activity as mortgage rates fluctuate."
Freddie Mac's Primary Mortgage Market Survey found the 30-year fixed-rate mortgage averaged 6.66% as of July 30, up from 6.58% a week earlier. A year ago, the average rate was 6.72%.
The average rate on a 15-year fixed mortgage also increased, rising to 6.04% from 5.96% the previous week. At the same time last year, the 15-year fixed-rate mortgage averaged 5.85%.
Originally reported by CU Today.