The 30-year fixed-rate mortgage averaged 6.43% as of July 2, 2026, down from 6.49% the prior week and from 6.67% a year earlier, Freddie Mac reported. The 15-year fixed-rate mortgage averaged 5.79% as of July 2, down from 5.84% the prior week and from 5.80% a year earlier.
Rates were at a seven-week low and purchase demand continued to edge higher, the Freddie Mac said, citing modest improvements in affordability.
Elevated mortgage rates, inflation and economic uncertainty kept many buyers out of the market in May, while builders continued to face affordability and financing constraints. U.S. construction spending stayed flat in May, falls 1.5% from year earlier. Private new single-family construction fell 0.1% from April, while public construction spending was estimated 0.5% higher.