Mortgage rates were basically flat this week compared with last week, as the average rate for a 30-year increased slightly to 6.78%, up from 6.77%, according to Freddie Mac.
A year ago at this time, the average rate for a 30-year was 6.81%.
“Mortgage rates essentially remained flat from last week but have decreased nearly half a percent from their peak earlier this year,” says Sam Khater, chief economist for Freddie Mac, in a statement. “Despite these lower rates, buyers continue to pause, as reflected in tumbling new and existing home sales data.”
The average rate for a 15-year fixed-rate mortgage was 6.07%, up from 6.05% last week but down from 6.11% a year ago.
Yesterday, the Mortgage Bankers Association reported that mortgage application volume fell 2.2% during the week ended July 19, despite a dip in rates.
Photo: Sarah Brown