Freddie said on July 18 that the increase was bolstered by expectations that the Federal Reserve will cut short-term interest rates in the near future. A Fed rate cut would likely improve the business and investor outlook.
The average rate on the benchmark 30-year mortgage grew by six basis points to 3.81%, still historically low, while the average for 15-year, fixed-rate mortgages ticked up one basis point to 3.23%.
