The average rate for a 15-year fixed-rate mortgage decreased 11 basis points (bps) from 3.50 percent to 3.39 percent the week ending July 4, and the average rate for a 30-year fixed-rate mortgage decreased 17 bps from 4.46 percent to 4.29 percent.
Additional detail:
- Though the average rates for both the 15-year and 30-year mortgages declined the week ending July 4, each series experienced record spikes the week ending June 27. The 15-year mortgage rate jumped 46 bps that week, which marked the third highest spike in the history of the series. The 30-year mortgage rate jumped 53 bps that same week, which is the highest spike since the series began in 1971.