Mortgage rate drops sharply after nearly hitting 7% last week, Freddie Mac says

The numbers: Mortgage rates fell in the past week as U.S. economic data indicated inflation was slowing allowing bond yields to fall slightly.

The 30-year fixed-rate mortgage averaged 6.78% as of July 20, according to data released by Freddie Mac (FMCC) on Thursday. The rate was down 18 basis points from the previous week — one basis point is equal to one hundredth of a percentage point.

Last week the 30-year was at 6.96% — the highest level since November 2022. Last year, the 30-year was averaging at 5.54%

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