FX.co ★ US 30-Year Mortgage Rate Rebounds

As of July 10th, the average rate on a 30-year fixed mortgage backed by Freddie Mac increased by 5 basis points over the previous week, reaching 6.72%. This uptick follows its previous low of 6.67% last week, marking the lowest point since April. "Following a five-week decline, the 30-year fixed-rate mortgage saw a modest rise in response to a stronger-than-anticipated jobs report," stated Sam Khater, Freddie Mac's chief economist. "Despite persistent affordability challenges in the housing market, the decrease in rates has led to a significant uptick in both home purchase and refinance applications, which have increased by 25% and 56%, respectively, compared to the same period last year."