Lumber Market News 30-Year and 15-Year Fixed Mortgage Rates Increase – Week Ending July 3, 2024
Posted on July 7, 2024
Freddie Mac has released its Primary Mortgage Market Survey® (PMMS) for the week ending Wednesday, July 3, 2024. This week's results include an adjustment for the Fourth of July commemoration.
PMMS reports that the average interest rate for a 30-year fixed-rate mortgage is now 6.95%, up from 6.86% last week. During the same period a year ago, the average interest rate for a 30-year fixed-rate mortgage was 6.81%.
The average 15-year fixed mortgage rate was 6.25%, up from an average of 6.16% last week. During the same period a year ago, the average 15-year fixed mortgage rate was 6.24%.
For additional context on this week's PMMS, Freddie Mac Chief Economist Sam Carter said, “Mortgage rates rose this week, to just below 7%. New home sales and sales contracts are both down, while the number of active homes for sale is increasing. We expect rates to continue to decline slowly over the remainder of the year, and rising inventory should moderate price increases, boding well for prospective homebuyers.”
FEA collects Wood Markets News from a variety of third-party sources to provide readers with the latest news affecting forest products markets. The opinions and views expressed in these articles do not necessarily reflect those of FEA.
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