According to Freddie Mac, the 30-year fixed-rate mortgage averaged 5.54% in the week ending July 21, up from 5.41% the week before.
Although down from 5.81% in late June, the average rate was still up more than 2 percentage points from the start of 2022. Meanwhile, the Mortgage Bankers Association’s seasonally adjusted index of mortgage applications fell to its lowest level since 2000 in the week ending July 15.