Freddie Mac reports first mortgage rate rise in six weeks

The stronger-than-expected employment report is the catalyst for ending a five-week streak of declining mortgage rates, Freddie Mac reported.

The 30-year fixed rate mortgage averaged 6.72% as of July 10, a gain of 5 basis points compared with the prior week when it averaged 6.67%, the Freddie Mac Primary Mortgage Market Survey reported.

But it is still lower than one year ago, when the rate averaged 6.89%.

At the same time, the 15-year FRM rose 6 basis points week-over-week to 5.86%. Compared with the same week in 2024, it is 37 basis points lower from 6.17%.

“Despite ongoing affordability challenges in the housing market, we are seeing home purchase and refinance applications respond to the downward trajectory in rates, increasing by 25% and 56%, respectively, compared to the same time…