Lumber Market News Fixed Mortgage Rates Decrease Slightly – Week Ending July 11, 2024 End Use
Posted on July 11, 2024
Freddie Mac released its Primary Mortgage Market Survey® (PMMS) for the week ending Wednesday, July 11, 2024.
PMMS reports that the average for a 30-year fixed-rate mortgage is 6.89%, up from an average of 6.95% last week. During the same period a year ago, the average for a 30-year fixed-rate mortgage was 6.96%.
The average 15-year fixed mortgage rate is 6.17%, up from an average of 6.25% last week. During the same period a year ago, the average 15-year fixed mortgage rate was 6.30%.
For additional context on PMMS this week, Freddie Mac Chief Economist Sam Carter said, “Following the June employment report which showed a cooling labor market, the 10-year Treasury yield fell this week and mortgage rates followed suit. There is also increasing inventory on the market with a significant number of homes on discounts, which is an encouraging sign for prospective buyers.”
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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