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Mortgage rates were almost flat from last week, but decreased by about 0.5% from their peak level in 2024, according to the Freddie Mac Primary Mortgage Survey.
30-year fixed-rate mortgages averaged 6.78% as of July 25, higher than 6.77% last week and down from 6.81% in the year-ago week.
15-year fixed-rate mortgages averaged 6.07%, up from 6.05% a week ago and down from 6.11% a year ago.
“Mortgage rates essentially remained flat from last week but have decreased nearly half a percent from their peak earlier this year,” said Sam Khater, Freddie Mac’s chief economist.
“Despite these lower rates, buyers continue to pause, as reflected in tumbling new and existing home sales data,” added Khater.
Existing home sales slid more than expected in June, while prices rose to an all-time high, the National Association of Realtors reported earlier this week.
Meanwhile, the U.S. Census Bureau said that new home sales unexpectedly slipped 0.6% in June.
