The 30-year fixed-rate mortgage averaged 3.75% for the week through July 25, Freddie Mac said, down from 3.81% the previous week and 4.54% a year ago.
The 15-year fixed-rate mortgage averaged 3.18%, down from 3.48% the previous week and 3.87% a year ago.
“Mortgage rates continued to hover near three-year lows and purchase application demand has responded, rising steadily over the last two months to the highest year-over-year change since the fall of 2017,” Freddie Mac’s chief economist, Sam Khater, said in a statement,
“While the improvement has yet to impact home sales, there’s a clear firming of purchase demand that should translate into higher home sales in the second half of this year," Khater continued.
