In a slight reversal of the past month’s trends, the average 30-year mortgage rate decreased from its average last week of 7.04% down to 6.96% this week, according to the latest Primary Mortgage Market Survey® (PMMS®) from Freddie Mac, released Thursday. 

“After crossing the 7%-mark last week, the 30-year fixed-rate mortgage saw its first decline in six weeks,” said Sam Khater, Freddie Mac’s chief economist. “While affordability challenges remain, this is welcome news for potential homebuyers, as reflected in a corresponding uptick in purchase applications.”

Realtor.com’s Senior Economist Joel Berner added that “falling mortgage rates are welcome news in a housing market that has been largely stymied by them in recent years.”

“This week’s release from Freddie Mac will hopefully calm the fears of prospective buyers who had watched mortgage rates climb for 5 consecutive weeks, encouraging them that more stability is ahead,” he continued. “At the same time, buyers have more options to choose from since before the pandemic, as for-sale inventory continues to recover, especially in the South and West.”

This week’s stats: 

• The 30-year FRM averaged 6.96%, down from last week when it averaged 7.04%. A year ago at this time, the 30-year FRM averaged 6.69%.
• The 15-year FRM averaged 6.16%, down from last week when it averaged 6.27%. A year ago at this time, the 15-year FRM averaged 5.96%.

To view the full report, click here.

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