The average U.S. 30-year fixed-rate mortgage increased to 6.55% as of July 16 from 6.49% a week earlier. The average rate remained below the 6.75% recorded at the same time a year earlier, according to Freddie Mac.
The average 15-year fixed-rate mortgage increased to 5.93% from 5.82% a week earlier. A year earlier, the average 15-year fixed-rate mortgage stood at 5.92%.
Freddie Mac stated that purchase mortgage application demand has weakened in recent weeks, while housing affordability has become more favorable and housing inventory has continued to increase.